Nike cuts 1,400 roles in second round of layoffs this year
CNBC • • general
Key Points:
- Nike announced layoffs impacting approximately 1,400 employees, mainly in its technology department, as part of its "Win Now" turnaround strategy to reshape teams and modernize operations.
- The layoffs, representing less than 2% of Nike's global workforce, will affect employees across North America, Asia, and Europe and are intended to better position the company for growth in the current sports market.
- This move follows previous job cuts, including 775 roles in January focused on automation at U.S. distribution centers and smaller reductions last summer aimed at business realignment.
- CEO Elliott Hill is leading efforts to reverse years of slumping sales, though the company recently warned of continued sales declines, especially a projected 20% drop in China this quarter.
- Nike emphasized that these layoffs are part of ongoing changes to improve long-term profitability and growth rather than a new strategic direction.
