PORTLAND, Ore. (KOIN) — Nike is preparing for additional layoffs as the Oregon-founded sportswear giant sees a decline in revenue.
Revenues for the company dropped by 4% to about $11.2 billion in the first quarter of its 2027 fiscal year, according to a release issued on Thursday. As part of the announcement, the brand also disclosed its plans for a new operating model dubbed “Pace.”
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Nike President and CEO Elliott Hill revealed the new model will focus on modernizing the supply chain and prioritizing three regions: North America and Latin America as the “Americas,” Europe, the Middle East and Africa as “EMEA” and the Asia Pacific and Greater China as “APGC.”
APGC leaders will be based in Singapore, meaning that the Beaverton employees who currently serve that region will “move closer to the athletes and markets they serve,” according to the company based in the Portland suburb. The brand said relocation is expected to begin in fiscal year 2028…