Current:Home > MyNike plans to lay off 740 employees at its Oregon headquarters before end of June -StockSource
Nike plans to lay off 740 employees at its Oregon headquarters before end of June
View
Date:2025-04-11 18:49:17
Nike plans to lay off 740 employees at its Oregon headquarters before June 28, the company has told state officials.
The company notified state and local officials about the workforce reduction at its Beaverton, Oregon headquarters in a notice mandated by the Worker Adjustment and Retraining Notification Act on Friday.
The sportswear giant "will be permanently reducing its workforce at its World Headquarters" in a "second phase of impacts" that would begin by June 28, wrote Nike vice president Michele Adams in the notice, first reported by Reuters and Oregon Public Broadcasting.
Two months ago, Nike CEO John Donahoe told employees in a memo of plans to reduce its workforce by about 2%, or more than 1,600 employees, The Wall Street Journal reported at the time. The company had about 83,700 employees as of May 31, 2023.
“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger," the company said in a statement to USA TODAY. "While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”
Celebrate 4/20:Get food deals at Wingstop, Popeyes, more. Or sip Snoop Dogg's THC drinks
Nike layoffs are due to cost-cutting measures
The reductions are part of a three-year plan to cut $2 billion in costs Nike announced in December.
Nike is targeting cost reductions as it forecasts a "low single-digits" decline in revenue during the first half of its 2025 fiscal year – which begins June 1. "We are taking our product portfolio through a period of transition," Nike chief financial officer Matt Friend said during the March 21, 2024 earnings call.
Nike shares rose nearly 2% this past week, but are down more than 11% so far this year and have fallen more than 23% over 12 months.
More Nike news: Olympic uniform flap and will Caitlin Clark get her own shoe?
Earlier this week, Nike’s new 2024 Paris Olympic track and field uniforms were met with criticism for being too skimpy.
Meanwhile, Caitlin Clark, who on April 15 became the top pick in the WNBA draft, may be about to land a new eight-figure contract with Nike and get her own signature shoe, The Athletic reported.
Follow Mike Snider on X and Threads: @mikesnider & mikegsnider.
What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
veryGood! (68)
Related
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- Divided Supreme Court rules no quick hearing required when police seize property
- 2 men charged for allegedly shooting Camay De Silva in head on Delaware State's campus
- Electric vehicles are ushering in the return of rear-wheel drive. Here's why.
- Meta donates $1 million to Trump’s inauguration fund
- Study raises concern over exposure to flame retardant chemicals used in some car seats
- Charlotte Hornets hire Celtics assistant coach Charles Lee to be their next head coach
- Oklahoma City Thunder top Dallas Mavericks in Game 1, make NBA history in process
- Behind on your annual reading goal? Books under 200 pages to read before 2024 ends
- TikTok sues US government: Lawsuit alleges forced ban or sale violates First Amendment
Ranking
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- Ohio attorney general warns student protesters in masks could face felony charges under anti-KKK law
- Ascension healthcare network disrupted by cyber security event, interrupting clinical operations
- Kendall Jenner Shares Why She’s Enjoying Her Kidless Freedom
- Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
- Iowa facility that mistreated residents with intellectual disabilities nears closure
- US weekly jobless claims hit highest level since August of 2023, though job market is still hot
- Music Midtown, popular Atlanta music festival, canceled this year
Recommendation
Residents worried after ceiling cracks appear following reroofing works at Jalan Tenaga HDB blocks
What Really Went Down During Taylor Swift and Teresa Giudice's Iconic Coachella Run-in
Man indicted in killing of Laken Riley, a Georgia case at the center of national immigration debate
Barron Trump selected as at-large Florida delegate to Republican National Convention
Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
A timeline of the collapse at FTX
Jodie Turner-Smith Explains How Met Gala Dress Served as “Clean Start” After Joshua Jackson Split
Gwyneth Paltrow Reveals the Way She's Influenced by Daughter Apple Martin