Adidas (ADDYY) shares were one of the biggest decliners in Germany Friday after CEO Kasper Rorsted rejected calls to sell the sportswear group's struggling Reebok brand following shareholder pressure late yesterday.

Rorsted told investors at the company's annual meeting that while Reekbok, which is bought in 2005, wasn't profitable, he was confident that his current restructuring plans could drag in back into the black.

"We are not going to sell Reebok because we are still very confident of the strategic position of the brand," CEO Kasper Rorsted told the meeting. "We are convinced the measures we are taking are going to be successful."

Adidas shares were marked 1.7% lower by mid-day in Frankfurt and changing hands at €176.14 each against a broader 0.17% gain for the DAX performance index. That said, the stock has gained more than 17.8% over the past three months, compared to a 3.5% decline for rival Nike Inc. (NKE) - Get Report .

Reebok recorded a 13% increase in revenues in the first quarter, Adidas said last week, compared with a group rise of 16%. "The major drivers of the top-line improvement at Reebok were strong double-digit sales increases in the training category," the company said. Adidas said the Reebok brand grew in all segments.

Rorsted announced plans to overhaul Reebok, making it independent of the core Adidas brand, moving 650 staff to a new location in Boston, cutting 150 jobs and accelerating store closures. The turnaround is expected to take three to four years.

"I would ask myself whether it is high time to sell Reebok," Ines Straubinger, vice president of Germany's DSW association for private investors, told the Adidas AGM on Thursday, Reuters reported.

Adidas has also reportedly renewed its sponsorship of soccer team Real Madrid, agreeing a new 10-year deal worth around €1 billion ($1.09 billion).

After pursuing a sale for nearly two years, Adidas announced Wednesday, May 10, that it will sell its golf business to private equity firm KPS Capital Partners for $425 million.

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