Nike announces roughly 1,400 layoffs in latest round of cuts [FOX Business Network]
Nike, Inc. (NKE)
Last nike, inc. earnings: 3/24 04:15 pm
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Source: FOX Business Network
Roughly 1,400 people across Nike's Global Operations team will be laid off, the company announced Thursday. In a memo to employees, Chief Operating Officer Venkatesh Alagirisamy said the cuts will primarily affect Nike's technology division and span North America, Asia and Europe, representing just under 2% of the company's global workforce "This is not a new direction," Alagirisamy wrote. "It is the next phase of the work already underway." The announcement follows a series of recent job cuts as Nike restructures its operations. In January, the company said it would cut 775 jobs as part of an automation push at distribution centers. In February 2024, Nike announced plans to reduce its workforce by about 2%, or more than 1,600 employees, and a few months later, in August, said it would cut less than 1% of corporate staff as part of a broader turnaround effort under CEO Elliott Hill Shares rose about 0.5% in after-hours trading, though Nike stock has lost more than half it
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