Adidas is latest fitness giant to pull back on tech efforts

Adidas is closing the unit that produced its fitness bands and sensor-equipped shoes and other high-tech products.

Why it matters: Sports companies have struggled to compete with Fitbit and others in the wearables space.

• Similar action was taken by Under Armour in recent weeks, as it decided to give up on its HealthBox collection of gear manufactured in conjunction with HTC.
• Earlier player Nike had some early success with its FuelBand though it, too, decided to halt that in favor of working more closely with Apple.