Nike said Tuesday it has closed about half of its stores in China and reduced hours at others due to the worsening outbreak of a new coronavirus, while warning it expects further impacts on its operations in the country.

The outbreak that has infected over 20,000 people and killed more than 425 in China has forced many stores and factories to close and airlines to cancel flights.

The sports apparel and footwear giant said it is "prioritizing the health and safety of our teammates and partners, in cooperation with local authorities."

"Similar to others in the marketplace, approximately half of Nike-owned stores have been temporarily closed," while it is "experiencing lower than planned retail traffic in stores that do remain open."

"In the short term, we expect the situation to have a material impact on our operations in Greater China," the company said in a statement.

Nike CEO John Donahoe, said, "Despite this difficult situation, Nike's long-term opportunity to continue to serve consumers in Greater China with inspiration and innovation remains exceedingly strong."

The company will provide an update on the financial impact when it reports quarterly results, which are due in March.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

World Bank to lower global growth forecast over virus outbreak
Washington (AFP) Feb 4, 2020
The World Bank will revise its global growth forecast downwards due to the new coronavirus, the president of the multilateral lender said Tuesday, amid fears the epidemic in China will harm global supply chains. The World Bank last month forecast a rebound in global growth this year after the easing of trade tensions between the US and China that had contributed to a decline in 2019. But World Bank President David Malpass warned the virus that has killed hundreds in China and shuttered businesse ... read more