The German sports wear major Adidas (ADDYY.PK) said on Wednesday that it will continue to work with more than 300 supplier factories in China in spite of a recent contract dispute in which the vendors said they were not satisfied with compensation offers subsequent to contract terminations. For its part, the company commented in an email statement saying that, “China has been, and will remain, a key sourcing market for the Adidas Group. It is true that we are rationalizing our sourcing structure and this has resulted in the termination of contracts with 10 suppliers. Nevertheless, Adidas has fulfilled all of its contractual obligations with the suppliers to the satisfaction of all parties and will continue to partner with more than 300 supplier factories in China.”
On Thursday, Office Depot (NYSE:ODP) said that it will divest its Office Depot Hungary division to Central Fund Venture Capital Fund which is that country’s first privately venture capital fund. In addition, the sale includes an agreement for Central Fund to obtain sourcing services, use Office Depot’s trade names, and continue to support Office Depot’s global customers in Hungary.
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General Motors Company (NYSE:GM) recalls more than 145,000 pickup trucks because the hoods can open unexpectedly and block the driver’s vision. This recall is for Chevrolet Colorado and GMC Canyon midsize trucks from the 2010 through 2012 model years.
Chairman and Chief Executive Steve Bennett of Symantec Corporation (NASDAQ:SYMC) reports the appointment of Stephen Gillett as executive vice president and chief operating officer, effective December 21st. Gillett was formerly the executive vice president and president of Best Buy (NYSE:BBY) Digital, Global Marketing and Strategy.
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