(FOX News / FOX 11) - Three companies on Monday announced they would end their sponsorship deals with U.S. Olympic swimmer Ryan Lochte, bringing a sudden stop to contracts worth an estimated $1 million in the wake of his scandal in Rio de Janeiro.
Syneron-Candela, owner of Gentle Laser Hair Removal, released a statement saying the company wound end its partnership with the athlete, adding, "We hold our employees to high standards, and we expect the same of our business partners."
Earlier Monday, Ralph Lauren executives stated their company's contract with Lochte was for the 2016 Rio Olympics only, and would not be renewed. "Ralph Lauren continues to sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody."
Speedo USA said in a separate statement that the company would donate $50,000 from Lochte's endorsement fee to the charity Save The Children. "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. We appreciate his many achievements and hope he moves forward and learns from this experience."
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