Pursuits
Adidas Hires Guggenheim to Explore Golf Options Amid Slump
Golf is waning in popularity in the U.S. and Adidas now forecasts a full-year sales decline for the business.
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Adidas AG said it hired Guggenheim Partners LLC to look at options for its flagging golf business as the German sportswear maker considers exiting a market that it once led.
Divesting the entire division is an option, though Adidas is primarily discussing options for its lower-priced Adams clubs and Ashworth clothing brands with the investment bank, Chief Executive Officer Herbert Hainer said. Adidas’s TaylorMade golf business lost money in the second quarter as sales slumped 26 percent excluding currency shifts.