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Kanye West was escorted out of a Skechers USA, Inc. (NYSE: SKX) office on Wednesday after the footwear company said he arrived "unannounced and without invitation" at one of the company's corporate offices in Los Angeles.
What Happened: West, also known as Ye, was escorted out of the premises by two Skechers executives after a “brief conversation” as he was undertaking “unauthorized filming,” said the company in a statement.
“Skechers is not considering and has no intention of working with West. We condemn his recent divisive remarks and do not tolerate antisemitism or any other form of hate speech,” said the footwear firm.
See Also: Is Adidas (ADDYY) Stock A Buy Right Now?
Why It Matters: It was reported earlier that Adidas (OTC:ADDDF) (OTC:ADDYY) terminated its partnership with West. The two had a deal on the production of Yeezy-branded products.
Adidas attributed its decision to West’s antisemitic remarks, which were widely condemned.
The rap star, who became a billionaire in 2020, is no longer one after multiple companies pulled out of deals with him. West’s deal with Adidas alone made up $1.5 billion of his net worth.
Price Action: On Wednesday, Skechers U.S.A. shares closed 9.85% lower at $32.39 in the regular hours and gained 0.9% in extended trading, according to data from Benzinga Pro.
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