Business
The company will cut 740 jobs, or 2% of its total workforce
Nike plans to lay off 740 employees at its Oregon headquarters by June 28, the company told state officials.
The company notified state and local officials of the workforce reduction at its Beaverton, Ore., headquarters in a notice mandated by the Act respecting notices of adaptation and retraining of workers Friday.
The sportswear giant “will permanently reduce its workforce at its global headquarters” in a “second phase of impacts” that would begin by June 28, Nike Vice President Michele Adams wrote in the notice , first reported by Reuters and Oregon Public Broadcasting.
Two months ago, Nike CEO John Donahoe announced plans to reduce its workforce by about 2%, or more than 1,600 employees, in a memo to employees: The Wall Street Journal reported at the time. The company had approximately 83,700 employees as of May 31, 2023.
Nikes are always at our best when we are on offense. The actions taken have allowed us to right-size our organization to capture our greatest growth opportunities, as interest in sports, health and wellness has never been stronger,” the company said in a statement. “While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.
Celebrate April 20:Get food deals at Wingstop, Popeyes and more. Or sip Snoop Dogg's THC drinks
Layoffs at Nike are due to cost-cutting measures
The cuts are part of a three-year plan to reduce costs by $2 billion. Nike announced in December.
Nike is targeting cost cuts as it forecasts a “single-digit” revenue decline in the first half of its 2025 fiscal year which begins June 1. “We are taking our product portfolio through a period of transition,” said Nike’s CFO. Matt Friend said during the call for results of March 21, 2024.
Nike shares rose nearly 2% last week, but are down more than 11% so far this year and more than 23% year-over-year.
More Nike news: Olympic uniform flap and will Caitlin Clark get her own shoe?
Earlier this week, Nike's new athletics uniforms for the 2024 Paris Olympics were criticized for being too skimpy.
Meanwhile, Caitlin Clark, who became the No. 1 pick in the WNBA draft on April 15, could be about to land a new eight-figure contract with Nike and get her own signature shoe, The Athletic reported.
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