Nike to lay off 2% of its workforce
https://www.kgw.com/amp/article/money/business/nike-announces-lay-off-employee-layoffs/283-f26227f3-7beb-44f6-9bf4-9066213ae8bf “PORTLAND, Ore. — Nike is laying off approximately 2% of its workforce starting Friday, the sportswear company said in a companywide email Thursday night. "This is a painful reality and not one that I take lightly," said John Donahue, president and CEO, in the email. "We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable." Donahue said the first round of layoffs will start Friday and go through next week, while the next round will be complete by the end of May. Nike is one of the region’s largest employers, with more than 15,500 workers in the Portland and Southwest Washington area — and around 83,000 people worldwide. In December, the company announced a $2 billion cost-cutting and restructuring strategy, signaling that there may be layoffs. It's likely that most of the layoffs will be at the company's Beaverton headquarters. Donahue said in the email that the cutbacks will not impact store employees, store managers or distribution center workers. "Nike has a proud history where the most challenging moments bring out the best in us, individually and as a team," Donahue said. "I know we will come together to respond once again, and I am confident in our future.” Sorry to everyone affected at Nike. Hopefully they bounce back and recover from this. 🫡
What exactly is the math? 2% of workforce, from the article being 15.5k corporate + 88k other. So 2070 total, but mostly coming out of the 15.5k corporate at Beaverton?
I’m not sure. The article just says 2% of its workforce, so we can assume it’s corporate—hopefully more Nike employees let us know.
Severance?
Unknown at this time.
Good. As a shareholder I want to see more cost cutting and turnaround initiatives for this pathetic excuse of a company
Layoffs are never good, and you shouldn’t want to see other people suffer just to profit off of it.
No one deserves a job. Job security and benefits are externalities of a healthy and functioning capitalistic machine. Any company that actively undermines capitalism to offer security and benefits for workers is doomed to the same fate as all experiments in communism and socialism in history—that is, utter failure.
This is more like 10% of corporate employees. 2% is including store associates
Thank you for the information. Do you know which departments/orgs were affected?
Why are you concerned?