Nike set for over 1,600 layoffs in restructure
The Oregon-based company has said that it wants to better use its capital to invest in its growth areas.Riccardo Bresaola February 19, 2024
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Sportswear giant NIKE is cutting 2% of its current workforce, and is reportedly set to lay off more than 1,600 jobs as part of broader restructuring.
The Beaverton, Oregon-based company has said – various media sites have reported – that it wants to better use its capital to invest in its growth areas, such as running, women’s, and its iconic Jordan brand.
In a memo obtained by business news television channel CNBC, Nike chief executive John Donahoe said: “This is how we will reignite our growth. This is a painful reality and not one that I take lightly. We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable.”
At the time of writing, Donahoe and his leadership team have not resigned.
Nike has said that the layoffs will take place in two phases, with the first round this week, and the second set to be completed by the end of its fiscal fourth quarter this year.
