Nike Is Latest To Join Layoffs Spree, To Slash Over 1,600 Jobs | Companies News


New Delhi: Nike, a popular sportswear company, has announced its decision to lay off around two percent of its workforce, totaling more than 1,600 employees. This move aims to reduce expenses and allocate resources to key areas of investment.

Internal Memo Reveals Layoffs

In an internal memo obtained by The Wall Street Journal, Nike’s Chief Executive John Donahoe communicated the company’s strategy to prioritize investment in categories such as running, women’s apparel, and the Jordan brand. (Also Read: Vibhor Steel Tubes IPO: Here’s How To Check Allotment Status)

Donahoe acknowledged the difficult decision of reducing staff and took accountability for the company’s current performance. (Also Read: Moto G04 Launched In India: Check Price, Camera, Specifications, And More)

Affected Employees

The layoffs are anticipated to affect office-based employees rather than those working in stores, distribution centers, or the innovation team. As of May 31, 2023, Nike employed approximately 83,700 workers globally.

Implementation Timeline

The layoff process will commence on Friday, with a second phase expected to be completed by the end of the current quarter. This strategic restructuring follows Nike’s announcement in December of plans to save up to $2 billion in costs over the next three years through organizational streamlining.

Sales Performance

Nike’s decision comes amidst challenging sales figures, with only a one percent growth in sales reported through November 30 compared to the previous year. Notably, footwear sales in North America, Nike’s primary market, experienced a five percent decline.

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