Eugene, July 9: Nike has implemented a new round of job cuts, which affected around 40% of the company's top positions. After last month, when the sportswear company laid off employees from European headquarters, this marks its latest round affecting more people. The Nike layoffs hit those working as vice president or in higher positions. This year is not short of layoffs as many companies have adopted different strategies to reduce costs and restructuring by letting go of employees.

Last month, the Nike layoffs were limited to the staff working in the Netherlands. However, the company let the people go amid cost-cutting measures and improvement of its performance. ABP Live recently reported that around 40% of the senior positions were affected by the latest round of workforce reduction. It also said that the sportswear company had hired around 423 people as vice presidents or in higher positions in its report for fiscal year 2023. Paramount Layoffs: Entertainment Company To Continue Job Cuts Until Skydance Deal Closes, Says Report.

The report highlighted that Nike had been facing major financial difficulties, which caused it to reduce some of its workforce. The company reportedly fired 732 senior people in its latest round, including 32 vice presidents, 112 senior directors, and 174 directors. Nike's latest corporate responsibility report for the fiscal year 2023 said that the company had appointed 423 people as VPs or in higher roles. 

Besides the layoffs, the report said that the sportswear company also suffered from poor stock performance. The company witnessed its share price fall from USD 2.38 to USD 73.05, a 52-week low of USD 73. In November, it was USD 177. Nike said it expected that sales would further decline in the upcoming year, which negatively resulted in a massive loss of USD 28 billion in shareholders' values in the last 10 days. Layoffs 2024: US-Based Westgate Resorts Announced To Lay Off 357 Workers To Streamline Operations.

The report said the job cuts would be implemented at the company's global headquarters in Oregon. The sportswear company had been following this plan since its previous announcement in February, which said that around 2% of its total workforce would be affected by Nike layoffs. This 2% of the workforce equals around 1,600 jobs.  

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