Nike to Lay Off , 2% of Employees.
On Feb. 15, Nike announced that it will
cut over 1,500 jobs, CNBC reports. .
The company wants to redirect its capital to areas of growth, such as the Jordan brand.
CEO John Donahoe discussed
the layoffs in a memo.
This is how we will reignite
our growth. This is a painful reality
and not one that I take lightly, John Donahoe, Nike CEO, via memo.
We are not currently performing at our
best, and I ultimately hold myself and
my leadership team accountable, John Donahoe, Nike CEO, via memo.
We will emerge stronger and
better equipped to fulfill our
purpose to serve all athletes
and grow the future of sport, John Donahoe, Nike CEO, via memo.
The layoffs will occur in two phases, Nike said.
The first round will begin now,
and the second round will finish by the
end of the fiscal fourth quarter in May. .
Nike did not reveal which departments
will implement layoffs.
However, the company did say that retail
employees at its stores and warehouse
workers will not be affected.
Nike unveiled its restructuring plan
in December which outlined cost cuts
of about $2 billion over three years