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Coronavirus Ravages Puma as Apparel Makers Struggle to Preserve Cash

The coronavirus pandemic is forcing Puma to cut executive pay and suspend stock buybacks. Other sportswear giants, including Lululemon, have taken similar measures. Adidas went a step further and announced it would not pay rent on its shuttered retail locations. Puma’s (ETR: PUM) shareholders and senior executives are the first victims of the sportswear giant’s…