Nike Inc. will have eliminated about 740 jobs at its headquarters by late June as part of its multiyear cost-cutting plan.

In a filing with the state of Oregon on Friday, Nike’s vice president of people solutions, Michele Adams, said that this represents a “second phase of impacts” as the world’s largest sportswear company trims its workforce.

Chief Executive Officer John Donahoe said in December that Beaverton, Oregon-based Nike would slash its global headcount by 2% as management seeks as much as $2 billion in cost savings over the next three years.

Initial layoffs at Nike began in February and the company expected to conclude the process by the end of its fiscal year, according to an internal memo reviewed by Bloomberg News.

“To compete, we must edit, shift and divest less critical work to create greater focus and capacity for what matters most,” Donahoe said in the memo.

By Kim Bhasin and Leslie Patton; With assistance from Bill Haubert

Learn more:

How Nike Ran Off Course

The American sportswear giant is experiencing its worst slump in a decade. New competition is part of the problem but according to industry insiders and athletes, many of Nike’s wounds are self-inflicted: the results of disruptive restructurings, stalled innovation and uninspiring marketing.

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