Nike to Lay Off , 2% of Employees.
On Feb.
15, Nike announced that it will cut over 1,500 jobs, CNBC reports.
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The company wants to redirect its capital to areas of growth, such as the Jordan brand.
CEO John Donahoe discussed the layoffs in a memo.
This is how we will reignite our growth.
This is a painful reality and not one that I take lightly, John Donahoe, Nike CEO, via memo.
We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable, John Donahoe, Nike CEO, via memo.
We will emerge stronger and better equipped to fulfill our purpose to serve all athletes and grow the future of sport, John Donahoe, Nike CEO, via memo.
The layoffs will occur in two phases, Nike said.
The first round will begin now, and the second round will finish by the end of the fiscal fourth quarter in May.
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Nike did not reveal which departments will implement layoffs.
However, the company did say that retail employees at its stores and warehouse workers will not be affected.
Nike unveiled its restructuring plan in December which outlined cost cuts of about $2 billion over three years
