Ryan Lochte is dropped by four major sponsors after it was discovered he lied about being a victim of an armed robbery.
The chicken has come home to roost for Ryan Lochte.
The twelve-time Olympic medalist has been dropped by four major sponsors: Speedo, Ralph Lauren Polo, Gentle Hair Removal and mattress brand Airweave.
Speedo, the largest and longest endorsement deal for Lochte, severed ties with the disgraced swimmer on Monday in a tweet to the public.
"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for," Speedo tweeted.
“We appreciate his many achievements and hope he moves forward and learns from this experience."
The company also announced that it will donate $50,000 of Lochte’s fee to a charity in Brazil that helps needy children.
In response, Lochte told the AP Press that he respects Speedo’s decision and is “proud of the accomplishments” they achieved together.
Gentle Hair Removal, a skincare brand for parent company Syneron-Candela, also ditched the swimmer saying in a statement that they hold, “employees to high standards,” and expect the same from business partners.
Ralph Lauren Polo and mattress brand Airweave, who partnered with Lochte specifically because of the Rio Olympics, said they choose not to renew their contract, although they do intend to continue to support Team USA in the upcoming Paralympic Games.
Lochte’s fallout with these companies is a consequence of an international scandal wherein Lochte lied about an armed robbery in Rio.
Lochte has since apologized for his “over-exggerated” version of the story citing language barriers in a foreign country as the cause for misleading account.
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