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Adidas profit plunge prompts savings push

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Adidas profit plunge prompts savings push

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Adidas has announcing a major reorganisation after the German sporting goods and clothing maker posted a 97 percent plunge in first quarter profit.

The company said it is feeling the effects of the economic downturn in many key markets as well as mounting costs. Adidas plans to shut its regional headquarters in Europe and Asia and some shops to save over 100 million euros a year.