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adidas to slash Reebok store base in India

Germany’s adidas said on Thursday it would cut the number of its Reebok stores in India by about one-third as it tackles "commercial irregularities" at the unit, an issue that has clouded a strong start to a bumper sports year.

CEO Herbert Hainer said adidas, the world’s second biggest sporting goods firm, had set a "blistering pace" in the first quarter, leaving it well placed to benefit from the Euro 2012 soccer tournament and Olympic Games in London.

While the adidas group as a whole surpassed expectations for first-quarter results, its Reebok brand saw sales in the first three months down 7 percent on a currency neutral basis.