Nike Inc., the world-renowned American apparel and shoe brand, has some layoff plans up its sleeve!
The retailer, in a filing with the state on Monday, said that around 700 employees at its Washington headquarters will end up losing their jobs by 8 January 2021.
Back in July, when Nike had first filed its notice, it had planned around 500 layoffs, which included members from corporate leadership team as well. This also included workers from Nike’s childcare centres.
The numbers have now gone up to 700.
Though Nike did not divulge any details about job titles that will be eliminated, it said that the planned layoffs may generate up to US $ 250 million in termination costs.
Nike says that layoffs are related to its latest phase of strategy where the continual focus is on having a simplified approach to product categories in addition to investing big in digital platform.
The focus, as the retailer says, is now on leading with its direct-to-consumer channels.
Nike has nearly 75,000 employees worldwide with 12,800 at its headquarters. It generates revenue of US $ 37.40 billion.
We will keep you updated more on the development!
