Following rumors that date back to October of 2020, adidas has confirmed its intention to unload Reebok. Reuters broke the news today, February 16, 2021, revealing that the German sportswear brand has decided to begin the process of divesting Reebok.

According to the publication, adidas will present its five-year plan that includes divesting Reebok on March 10. The strategy will also confirm Reebok — which currently has an estimated worth of $1.2 billion, according to a banking source — as a discontinued operation as of the first quarter of 2021.

“Reebok and adidas will be able to significantly better realize their growth potential independently of each other,” adidas CEO Kasper Rørsted said in a statement.

Back in October 2020, German business publication Manager Magazin initially reported on adidas' plan to sell Reebok by March of 2021, following years of struggle.

Manager Magazin pointed out that Rørsted had hoped to revitalize Reebok upon being appointed CEO in 2016. He went on to state on numerous occasions over the years that he had no intention of selling the brand, even amid urges to do so from investors.

Early reports indicated that adidas had formulated an internal team to work on the sale of Reebok. Possible suitors included VF Corporation — which owns Vans, Timberland, and The North Face, among others — and China's ANTA Sports. More recently, Master P and Baron Davis expressed their interest in acquiring the brand.

adidas purchased Reebok in 2006 for $3.8 billion, as it hoped to have the sportswear label compete with rival Nike in the United States. As recently as Q3 of 2020, Reebok's net sales fell seven percent during the quarter, although analysts suggest celebrity collaborations and a push for women's apparel have the brand trending in a more positive direction.

Be sure to check back with us for the latest surrounding the ongoing situation between adidas and Reebok.

To stay updated on everything happening in the sneaker world, follow @highsnobietysneakers on Instagram, check out the best sneakers to add to your rotation this week, and sign up to our newsletter for the latest sneaker news sent straight to your inbox.

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