As of May 2023, the Portland, Oregon-based company employed over 83,000 people around the world.
Nike is added to the growing list of corporations announcing staff layoffs, CNN reports.
In an email from NIke President and CEO, John Donahoe, the sportswear conglomerate announced on Feb. 16, 2% or 1,700 staff members will be cut in hopes of escaping $2 billion in costs. As of May 2023, the Portland, Oregon-based company employed over 83,000 people around the world but things started to slow down in December 2023.
Nike began cutting its revenue forecast and shortly after announced cost cuts after concerns started to grow surrounding consumers slowing down on their spending. To make up for the profit decrease, Nike said they are seeking up to $2 billion in savings over the next three years. “The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities,” the spokesperson said.
“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”