Adidas to revamp Reebok for 33 million dollars

Reebok is to see an inject of 33 million dollars by parent company adidas, as the American sportswear brand has seen slow growth in its home market.

The revamp is to restructure the Reebok business, as unveiled by CEO Kasper Rorsted on Thursday. As a result the company expects to close underperforming stores, as a new global team will be appointed solely dedicated to Reebok.

Last month Reebok announce it hired a new creative director, Thomas Steinbrück, as well as efforts to manufacture its shoes in the US.

The store closures would likely affect Reebok's outlet stores, while in Boston plan are underway for a 'vibrant' new headquarters.

Adidas bought the Reebok brand a decade ago, but growth has been slow in North America for three consecutive years. Roasted stated it was “time to get back to the gym and redouble our efforts.”

Photo credit: Reebok campaign