Reebok is slimming down ahead of its next chapter.
A spokesperson for the athletic brand on Tuesday confirmed plans to lay off “approximately 150” workers in several departments, with the “majority” in the company’s Boston headquarters. The “across the board” cuts take effect when Authentic Brands Group (ABG) closes on the $2.45 billion purchase from soon-to-be-former parent Adidas. They’re expected to finalize the deal by the end of the first quarter.
ABG has steadily amassed an operating roadmap for the brand that Shaquille O’Neal, himself a key partner to the brand manager and Juicy Couture parent, famously ditched years ago. Sparc Group, a joint venture between ABG and mall giant Simon Property Group, will take the lead on Reebok’s operations, with additional partners tapped to build out Greater China and India. JD Sports Fashion plc also inked a strategic deal to carry the Reebok brand.
The Boston headquarters will become the Reebok Design Center, with Reebok president Matt O’Toole and senior vice president and general manager for product Todd Krinsky remaining at the helm.
Adidas acquired Reebok in 2006 for $3.8 billion, and long struggled to maximize the brand’s potential. Sale chatter bubbled up in fall 2020 before the German firm formally put the Cardi B-approved Amazon collaborator on the market.