Nike announces layoffs as part of restructuring plan
Nike said the overhaul will cut jobs and reorganize its global business as weak sales in China and other units pressure growth.
- On Thursday, Nike CEO Elliott Hill announced 'Pace,' a restructuring program that consolidates geographic regions into three divisions and establishes a new campus in Bengaluru, India, targeting $2.5 billion in savings through fiscal 2031.
- The initiative follows a challenging fiscal first quarter where revenue fell 4% to $11.2 billion, with Greater China sales declining 26% and prompting investor concerns about Nike's long-term growth prospects.
- Nike expects $1 billion in pretax charges and $300 million in severance costs, with decisions about affected roles beginning in 2027 as the company streamlines operations to improve efficiency.
- Following the earnings report, Nike shares fell to their lowest level in 13 years, as Hill acknowledged that reviving the Jordan brand and other weak areas will require time and deliberate action.
- Nike leadership will detail efficiency plans and financial outlook at an investor event on November 16-17, marking a critical milestone to address shareholder concerns about the turnaround's pace and long-term strategy.
146 Articles
146 Articles
Things are not going well at Nike. The sports brand decided to lay off employees for the third time this year because sales figures are significantly disappointing, according to financial reports. And the forecasts for the future do not look rosy either: the company is anticipating a decline in revenue of between 7 and 9 percent next year. Things have not been going well at Nike for some time. In 2024, the company brought veteran Elliot Hill out…
Nike Layoffs: How Much Sportswear Company Plans to Save With Job Cuts?
Nike is planning further workforce cuts under its Pace restructuring programme, which targets USD 2.5 billion in cumulative savings through fiscal 2031. The plan involves eliminating duplicate roles, adding capabilities in growth areas and reorganising global operations. The company expects around USD 1 billion in pre-tax restructuring charges, mainly from severance costs. Nike Layoffs: How Much Sportswear Company Plans to Save With Job Cuts?.
ووووااالالالااال عبر Cedarnews.net. لمابعة المبيد من البار والالبارير البرية وورونا علة موعنا. Nike expands its restructuring programme through new availabilities and reorganization of operations worldwide, according to Reuters. Another clarification. وم نارر الابر عبر موةععبباريي. لالالالع علة مبييد موااالالار الاااالاالااالاالالاالالالاالالااااااا اا ااا اا اا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا ا …
The measure aims to achieve savings of $2.5 billion, after the company estimated a decrease in revenues for fiscal year 2027 due to the worsening problems in China. Nike expands its restructuring program through new availabilities and reorganization of operations worldwide, according to Reuters. The company's anticipated decrease for the year ...
Nike expands his restructuring program through new redundancies and reorganization of global operations, after the American giant sports equipment estimated a decrease in revenues in fiscal year 2027 far above the analysts' expectations, based on the worsening problems in China, reports Reuters.
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