Nike To Lay Off 740 Employees At Oregon HQ

Nike is set to lay off approximately 740 employees at its world headquarters in Oregon, according to a letter disclosed, as reported by Reuters.

In December, Nike announced a cost savings plan targeting $2 billion over the next three years, and in February, it revealed intentions to cut around 2% of its total workforce. I Photo: Phillip Pessar Flickr

This move comes as the leading sportswear maker aims to reduce costs following a warning of a revenue decline in the first half of fiscal 2025.

Michele Adams, Nike's vice president for people solutions, stated in a legally mandated notice to state authorities that the "second phase of impacts" would commence by June 28 at its headquarters.

The company's shares showed marginal gains in after-hours trading, although they have witnessed a decline of nearly 13% throughout the year.

In December, Nike announced a cost savings plan targeting $2 billion over the next three years, and in February, it revealed intentions to cut around 2% of its total workforce, equivalent to more than 1,600 roles.

As of May 31, 2023, Nike employed about 83,700 individuals. Several firms in the US and Canada have recently announced new rounds of layoffs to curtail costs amidst an uncertain demand environment, following similar reductions in 2023.