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, the leading sportswear maker, announces layoffs affecting approximately 740 employees at its world headquarters in Oregon. The move comes as part of cost-saving efforts following the company’s warning of a revenue decline in the first half of fiscal 2025.
The layoffs, described as the “second phase of impacts,” are scheduled to commence by June 28 at Nike’s headquarters.
Michele Adams, Nike’s vice president for people solutions, issues a legally mandated notice to state authorities regarding the impending job cuts.
Nike had previously outlined a cost savings plan targeting $2 billion over the next three years, with a workforce reduction of about 2% announced in February, equating to over 1,600 roles.
The company’s shares experience a marginal increase in after-hours trading despite declining nearly 13% over the course of the year.
In March, Nike revealed concerns about revenue contraction in the first half of fiscal 2025, citing a low-single-digit percentage decline. This decision comes as the company aims to streamline operations by scaling back on certain franchises.
The announcement from Nike adds to a series of layoffs witnessed across various industries in the U.S. and Canada, reflecting efforts to manage costs amidst uncertain demand conditions.
These cost-cutting measures underscore the challenges faced by companies navigating economic uncertainties and evolving market dynamics.
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
