Nike to Lay Off 1,400 Employees as Part of 'Win Now' Strategy
Nike to cut 1,400 jobs globally as ‘Win Now’ turnaround plan gathers pace
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Nike Inc. will cut 1,400 jobs globally, representing less than 2% of its workforce, as part of its 'Win Now' recovery plan. The layoffs will mainly affect technical roles in the company's international operations, aiming to enhance automation and organizational efficiency amid ongoing revenue challenges.
- 01Nike is cutting 1,400 jobs, primarily in technology roles.
- 02These layoffs are part of the 'Win Now' recovery plan aimed at restructuring operations.
- 03Nike's workforce reduction follows previous layoffs earlier this year.
- 04The company faces declining revenue, particularly in the Chinese market.
- 05Nike is exploring a partnership to produce match balls for the UEFA Champions League.
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Nike Inc., headquartered in Beaverton, Oregon, is set to eliminate 1,400 jobs, which is less than 2% of its global workforce, as part of its ongoing 'Win Now' recovery strategy. The layoffs will predominantly impact technical positions within the company's international operations division, according to Chief Operating Officer Venkatesh Alagirisamy. This restructuring aims to refine Nike's organizational framework and enhance automation. Alagirisamy emphasized the difficulty of these changes for affected employees and their teams. These job cuts follow a previous reduction of corporate headcount by less than 1% earlier this summer, as Nike aims for long-term profitable growth amidst declining revenues, particularly a projected 20% slump in China. Despite these challenges, Nike's stock rose 0.5% in after-hours trading, although shares have dropped 30% this year. Additionally, Nike is in discussions to produce the official match balls for the UEFA Champions League, a move to compete with Adidas AG, which has held this partnership for 25 years.
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The layoffs may lead to increased job competition in the tech sector, affecting job seekers and local economies where Nike operates.
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