Investing.com — Adidas (OTC:ADDYY), the world’s second-largest sportswear maker, is planning to reduce its workforce at its headquarters in Herzogenaurach, Germany, by up to 500 positions, Reuters reported, citing a source familiar with the matter. The source, who was present during a meeting where the decision was announced, disclosed the figure on Thursday.

The sportswear giant, led by CEO Bjoern Gulden, currently employs approximately 5,800 individuals in the Bavarian town. The planned job cuts are part of a broader effort to simplify the company’s structure, which is considered “too complex in a constantly changing world,” according to an Adidas spokeswoman.

However, the spokeswoman refrained from confirming the exact number of job cuts. The company has yet to release an official statement detailing the extent of the planned workforce reduction or the specific departments that will be affected.

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