Nike, Adidas Say Coronavirus Will Hurt Business in China
- Nike closed about half of its company-owned stores in China
- Other stores are operating at reduced hours as traffic dips
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Nike Inc. closed about half of its company-owned stores in China as a result of the coronavirus outbreak, which it expects to have a material impact on operations in the country.
The stores that remain open are operating at reduced hours, as retail traffic has dropped as a result of the outbreak, the Oregon-based sportswear giant said Tuesday after the close of trading. The company’s shares fell as much as 3.3% in after-hours trading.