Nike will lay off about 740 employees at its world headquarters in Oregon, as the top sportswear maker looks to rein in costs after warning of a revenue dip in the first half of fiscal 2025.
The “second phase of impacts” would begin by 28th June at its headquarters, Michele Adams, Nike’s vice president for people solutions, said in a legally mandated notice to state authorities.
Nike had in December announced a cost savings plan for US $ 2 billion over the next three years, and in February said it would cut about 2 per cent of its total workforce, or more than 1,600 roles. It had about 83,700 employees as of 31st May 2023.
Several companies in the US and Canada have announced new rounds of layoffs, following the spate of reductions in 2023, to cut costs in the face of an uncertain demand environment.
Nike in March flagged its revenues in the first half of fiscal 2025 would shrink by a low-single-digit percentage as it looks to scale back on some franchises.
