Stay in the loop! Subscribe to our newsletter and gain access to exclusive insights, trends, and news from the world of business and leadership. Don’t miss out!
Nike reveals plans to reduce its workforce by approximately 2%, equating to over 1,600 jobs, in response to declining profits observed this year.
Following suit with global counterparts such as Adidas, Puma, and JD Sports, Nike acknowledges weaker earnings projections as consumer spending on non-essential items declines.
In December, Nike unveiled a $2 billion savings initiative spanning three years. Key strategies include optimizing product supply, enhancing supply chain efficiency, organizational restructuring, and increased automation.
The company anticipates incurring $400 million to $450 million in severance costs during the third quarter as part of its workforce reduction efforts.
As of May 31, 2023, Nike boasted approximately 83,700 employees, according to company filings, underscoring the significant impact of the impending workforce reduction.
According to reports from The Wall Street Journal, the layoffs are set to commence on Friday, with a second phase slated for completion by the end of the current quarter.
Employees in retail stores, distribution centers, and the innovation team are expected to be unaffected by the layoffs, ensuring continuity in key operational areas.
Championing Excellence and Female Leadership in Engineering Sheeba Benny, a trailblazer in the field of electrical
How a 21-Year-Old Turned a Conservatory Start-Up into a $650,000 Business At just 21 years old,
With the global speaking industry valued at over $2 billion and growing rapidly, companies and event
In the world of technology-driven transformation, few leaders stand out as much as Senthil Babu, CEO
How DDSports and DeLuca Designs Business Academy are Revolutionizing Markets and Inspiring a New Generation of
