Over the past several years, sportswear and sneaker giant Nike has been one of the most dominant and stable brands in the entire country, but it looks like even a company as big as Nike isn’t immune to some layoffs and restructuring.
Last week, Nike announced some pretty massive layoffs as the company is planning to cut more than 1,500 jobs as it undergoes a broader restructuring
“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.”
Back in December, Nike announced a plan to cut costs by about $2 billion over the next three years in response to a slower demand for discretionary items such as clothes and shoes. And it seems that these layoffs are a part of that plan.
It’s not immediately clear which departments will see the layoffs or whether or not it will affect retail employees at Nike’s stores or warehouse workers. But regardless, it a pretty large number of people will be out of their jobs as the company looks to save money.
