Adidas plans to cut as many as 500 jobs at its corporate headquarters in Germany in a bid to simplify its business—not to cut costs.

German sportswear giants Adidas and Puma have both announced they are seeking to reduce costs, including through possible job cuts, as they eye

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.