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SAN FRANCISCO--(BUSINESS WIRE)--May 10, 2023--

After months wrestling over the fate of milions of unsold Yeezy shoes, Adidas has decided to sell a portion of its remaining inventory and donate the proceeds to chartitable organizations, CEO of the German sportbrand Bjørn Gulden said Thursday. Adidas cut ties with Ye, the rapper formerly known as Kanye West, in late October, following his antisemitic comments on social media and in interviews. As a result, the fate of 1.2 billion euros ($1.3 billion) worth of the unsold Yeezys, a lucrative sneaker line launched with Ye, was unknown. At Adidas' annual shareholders meeting, Gulden said the company had spent months trying to find solutions. The CEO also added that Adidas spoke to NGOs and organizations that were harmed by Ye's comments and actions. “Burning those shoes cannot be the solution,” Gulden said, noting that Adidas was going to try to sell part of the remaining Yeezy inventory and “donate money to the organizations that help us and were harmed by what Ye said.” Exact details of this plan — including how many shoes will be sold and the timeline of selling them — remain unknown. Gulden said the company will provide updates as they moves forward. The move comes as Adidas is trying to stage a comeback and move beyond the Yeezy partnership. Cutting ties with Ye has cost Adidas hundreds of millions of dollars — with the company taking a loss of 600 million euros ($655 million) in sales for the last three months of 2022, helping drive the company to a quarterly net loss of 513 million euros. Adidas reported 400 million euros ($441 million) in lost sales at the start of 2023, the company announced last week. Net sales declined 1% in the first quarter, to 5.27 billion euros, and would have risen 9% with the Yeezy line, the company said. It reported a net loss of 24 million euros, a plunge from a profit of 310 million euros in the same period a year ago. Operating profit, which excludes some items like taxes, was down to 60 million euros from 437 million euros a year earlier. Meanwhile, Adidas is also facing a class-action lawsuit from investors who allege the company knew about offensive remarks and harmful behavior from Ye, years before terminating its pact with him. Adidas has pushed back on the allegations made in the lawsuit. Still, Gulden reminded investors that the nine-year partnership Adidas and Ye was “sensational." While he noted that Ye is a difficult person, “he's the most creative person in our industry,” Gulden said. “He created a model with Adidas that was sought after around the world.” But he added, “We lost that in a month." _________ AP Business Writer David McHugh in Frankfurt, Germany, and AP Retail Writer Anne D'Innocenzio in New York contributed to this report. Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Adidas breakup with rapper Ye, lost Yeezy sales hit earnings Putin’s spokesman threatens ‘adequate response’ over UK missile pledge – live Boost for Erdogan rival as struggling candidate quits Turkish election race

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Google’s decision to delete millions of inactive Gmail accounts could erase millions of photos and other irretrievable memories, users have warned. The purge, which comes into effect next month and will hit any account that has not been used for more than two years, could impact parents who have set up email addresses for young children in order to share and mark milestones with them. It could also inadvertently affect people who continue to manage the online accounts of deceased relatives. Googleannounced the policy in a blog post earlier this year, claiming that the move aims to protect active users from security threats like phishing scams and account hijacking. The mass closure will also free up significant amounts of server space, which will also save the US tech giant money and resources. Google warned that the new policy applied to personal Google accounts, which includes content within Google Photos and Google Workspace tools like Docs, Drive, Gmail, Meet and Calendar. Nicholas Worley, founder and chief executive of digital archiving platform Inalife, urged people to take action immediately in order to risk losing access to the accounts. “If you have a Google account set up for your kids and have been emailing them, or if you manage the account of a deceased loved one... Login, save or backup any important memories and stories,” he wrote on LinkedIn. Mr Worley told The Independent that he began recording memories when he learnt he was having his first child in 2019. “I have friends and now Inalife users who had set up emails for their kids and hadn’t known about the deletion issue before being told,” he said. The Independent has reached out to Google for further information about whether any impacted accounts will be retrievable once the purge has taken place, and the exact number of accounts potentially impacted. In its May blog post, Google’s vice president of product management Ruth Kricheli said that users would be able to keep their account active by reading or sending an email, using Google Drive, watching a YouTube video while logged in, downloading an app on the Google Play Store, or using Google Search. “[The] update helps us continue our advancements in account security, and helps reinforce our commitment to keep your private information private,” she wrote. “This update aligns our policy with industry standards around retention and account deletion and also limits the amount of time Google retains your unused personal information.” Google has already begun sending notifications to both the main email addresses and recovery emails of any accounts at risk of deletion. Read More Google is about to ditch passwords forever Google issues three-week warning to Gmail account holders One of the world’s most hyped tech products just launched – and made a big mistake ‘Is AI dangerous?’ UK’s most Googled questions about artificial intelligence

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By Wayne Cole SYDNEY (Reuters) -Australia employment unexpectedly fell in July to end two months of very strong growth, while