Facing economic headwinds, Nike has initiated a cost-optimization plan that includes a workforce reduction. The sportswear giant will lay off 740 employees at its Oregon headquarters by June 28. This move is part of a broader plan to reduce its global workforce by 2%, or approximately 1,600 employees, by the end of the year. The layoffs aim to save the company $2 billion over three years.
Nike’s decision joins a growing trend of workforce reductions by major corporations amid challenging financial times. Despite recent headlines surrounding the signing of basketball star Caitlin Clark, Nike has also faced scrutiny over its new track and field uniforms for the 2024 Olympics.
Despite these challenges, Nike remains committed to providing innovative products and experiences for its customers. The company’s long-term goal is to emerge from this period of economic uncertainty as a stronger and more efficient organization.
