Over the past few decades, American sportswear and apparel company Nike has emerged as one of the largest consumer companies in the entire world. But even despite the massive size, enormous sales figures, huge market cap, and gigantic consumer base. But even a company like that is not immune to layoffs.
Last week, Nike made an unfortunate announcement that it would be cutting more than 1,500 jobs as part of a broader restructuring of the company.
“This is how we will reignite our growth,” CEO John Donahoe said in a memo obtained by CNBC.
“This is a painful reality and not one that I take lightly,” he added. “We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable.”
The move comes after the company announced a plan to cut costs by about $2 billion over the next three years as consumers slow down their discretionary spending on items such as clothing and shoes.
Obviously, this is pretty horrible news for Nike, and it led to a lot of reactions on social media as a result.
All of these GIANT companies that had record profits are out here cutting thousands and thousands of jobs.
Doesn’t make sense. https://t.co/UXIDHD8wrd
— W N D R S O U L (@wndrsoul) February 16, 2024
With all these layoffs, are there REALLY jobs out there in these spaces? https://t.co/LepMatswce
— The Don 🇬🇭 (@LaneToPari) February 16, 2024
As much as they charge, they should have plenty of funds to pay folks. https://t.co/bGXpLJyok1
— Don’t get put in a mix (@Cambition57) February 16, 2024
Phil Knight making record profits though
— Lynn Price (@ronnielynnprice) February 16, 2024
Unemployment numbers are going to swell next quarter.
— THEE Crossing Guard (@RagingJupiter) February 16, 2024
It’s not immediately clear which departments within the company will experience the layoffs or whether or not retail workers or factory workers will lose their jobs.
[CNBC]
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