Nike, headquartered in Beaverton, Oregon, has joined a growing list of companies, including Estee Lauder and Levi Strauss & Co., in announcing job cuts in recent weeks.
In response to inquiries, Nike stated via email, “Nike’s always at our best when we’re on the offense,” confirming the layoffs.
According to its annual report as of May 31, 2023, Nike employed approximately 84,000 workers.
The initial report on the cuts appeared on The Wall Street Journal’s website.
In December, Nike revised its annual sales forecast for the fiscal year following second-quarter sales figures that fell short of company projections. Executives attributed the reduced outlook to cautious consumer behavior globally amid an “uneven macro environment.”
At the time, Nike announced plans to trim up to $2 billion over the next three years, focusing on streamlining product assortment, increasing automation, and leveraging technology. The majority of these savings were earmarked to fuel innovation and expedite operational efficiency.
