London (CNN Business) Adidas (ADDDF) has confirmed that it might sell US fitness brand Reebok as part of a strategy overhaul to be unveiled in 2021.said in a The German sportswear company said in a statement on Monday that it is assessing "strategic alternatives" for Reebok as it develops a new five-year strategy. These include "both a potential sale of Reebok as well as Reebok remaining a part of the company," the statement added. Nike's NKE Adidas bought Reebok for $3.8 billion in 2005 in a bid to expand its reach inhome market. Reebok at the time had apparel deals with the National Basketball Association (NBA) and the National Football League (NFL). But then the coronavirus pandemic hit, shutting the majority of Adidas and Reebok's global stores in the early part of the year.

Source: CNN December 15, 2020 15:00 UTC