Adidas announced plans to slash its dividend and declared 2023 a “transition year” on Wednesday, as the company struggles to reposition itself after terminating its lucrative partnership with Kanye West and the Yeezy brand last year.At the same time, the company said it was still deciding what to do with about 1.2 billion euros’ (nearly $1.3 billion) worth of Yeezy sneakers and other sportswear, including potentially selling it and donating profits “to do something good.”The dividend would drop to €0.70 a share from the current €3.30, a move to save money as the German sportswear giant regroups under a new chief executive who said he wanted a return to traditional product lines.“We need to reduce inventories and lower discounts,” said Bjorn …
