Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Nike cutting 1,600 jobs to cut costs: report By: FOX Business February 16, 2024 at 10:18 AM EST Nike is cutting 2% of its corporate workforce to cut costs. The company seeks to invest in priority areas such as running and its Jordan brand, according to CEO John Donahoe. Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending. Starting Friday, more than 1,600 positions will be cut as the company increases its investment in high priority areas such as running, women's clothing and its Jordan brand, CEO John Donahoe told employees, according to a memo seen by The Wall Street Journal. A second phase of the cuts will be completed by the end of the quarter. Employees in stores, distribution centers or on the innovation team aren't expected to be let go, according to the report.Nike did not immediately respond to FOX Business' request for comment.FOOT LOCKER TEAMS UP WITH NIKE, JORDAN BRAND TO DELIVER THE CLINIC AHEAD OF 2024 NBA ALL-STAR GAMEThe company employed more than 83,000 people as of May 31, 2023. "This is a painful reality and not one that I take lightly. We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable," Donahoe said in the memo.NIKE SUES NEW BALANCE, SKECHERS FOR PATENT INFRINGEMENTTo better compete with rivals, the chief executive said the company "must edit, shift and divest less critical work to create greater focus and capacity for what matters most." GET FOX BUSINESS ON THE GO BY CLICKING HEREIn December, the Oregon-based company announced a $2 billion cost savings plan after seeing weak consumer spending, which it blamed on a "highly promotional marketplace with increased macro headwinds, especially on digital." The company also cut its annual sales forecast to 1% for the year.Part of its cost-savings plan included simplifying the company's product assortment, increasing automation and use of technology, as well as streamlining the organization.At the time, the company noted that plans to streamline would cost between $400 million to $450 million, largely due to severance costs. Nike is among the latest in a growing list of companies that have cut jobs. Layoffs have mounted across several industries, including tech, media and Wall Street. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Nike cutting 1,600 jobs to cut costs: report By: FOX Business February 16, 2024 at 10:18 AM EST Nike is cutting 2% of its corporate workforce to cut costs. The company seeks to invest in priority areas such as running and its Jordan brand, according to CEO John Donahoe. Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending. Starting Friday, more than 1,600 positions will be cut as the company increases its investment in high priority areas such as running, women's clothing and its Jordan brand, CEO John Donahoe told employees, according to a memo seen by The Wall Street Journal. A second phase of the cuts will be completed by the end of the quarter. Employees in stores, distribution centers or on the innovation team aren't expected to be let go, according to the report.Nike did not immediately respond to FOX Business' request for comment.FOOT LOCKER TEAMS UP WITH NIKE, JORDAN BRAND TO DELIVER THE CLINIC AHEAD OF 2024 NBA ALL-STAR GAMEThe company employed more than 83,000 people as of May 31, 2023. "This is a painful reality and not one that I take lightly. We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable," Donahoe said in the memo.NIKE SUES NEW BALANCE, SKECHERS FOR PATENT INFRINGEMENTTo better compete with rivals, the chief executive said the company "must edit, shift and divest less critical work to create greater focus and capacity for what matters most." GET FOX BUSINESS ON THE GO BY CLICKING HEREIn December, the Oregon-based company announced a $2 billion cost savings plan after seeing weak consumer spending, which it blamed on a "highly promotional marketplace with increased macro headwinds, especially on digital." The company also cut its annual sales forecast to 1% for the year.Part of its cost-savings plan included simplifying the company's product assortment, increasing automation and use of technology, as well as streamlining the organization.At the time, the company noted that plans to streamline would cost between $400 million to $450 million, largely due to severance costs. Nike is among the latest in a growing list of companies that have cut jobs. Layoffs have mounted across several industries, including tech, media and Wall Street.