US EditionNike to lay off about 1% of corporate staff in its latest effort to refocus the business
Nike CEO Elliott Hill's strategic reorganization aims to boost performance and innovation while reducing costs amid a 12% sales decline, impacting less than 1% of corporate staff.
- Nike announced this week it will cut less than 1% of its corporate workforce, notifying staff by September 8 with most new roles effective September 21 during a company-wide realignment.
- Following June earnings remarks, Hill signaled workforce reductions as part of Nike's 'Win Now strategy' to refocus on sport and realign sport-obsessed teams.
- Separately, Nike confirmed EMEA and Converse businesses are not affected, and the exact number of roles impacted in the current cuts remains unclear; earlier reductions included a 2% job cut last year totaling more than 1,600 roles.
- Shares reacted as Nike shares rose 0.5% on Thursday and jumped 15% after its earnings call, with the company scaling down production of lifestyle models while investing in its running line and sneaker franchises.
- Hill's reshaping includes changing 11 of 15 direct reports as Nike aims to recenter on sport, strengthen wholesale channel, and grow physical stores in key cities.
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The terminations did not affect locations in Europe, the Middle East and Africa.
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Total News Sources21
Leaning Left1Leaning Right3Center7Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
C 64%
R 27%
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