Nike (NKE) announced a new round of layoffs of 1,400 roles across the company, mostly concentrated in its technology department, Laya Neelakandan of CNBC reports, citing note from COO Venkatesh Alagirisamy. Nike said the layoffs were part of its “Win Now” turnaround strategy aiming to reshape its technology team, modernize its air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams, according to CNBC.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NKE:
- Lululemon Stock (LULU) Crashes 11% as Investors Give Thumbs Down to New CEO
- Baird sees Lululemon as ‘show-me story’ after CEO announcement
- Piper sees limited visibility following Lululemon’s CEO hire, stays Neutral
- Lululemon Stock (LULU) Falls after Picking Nike Veteran Heidi O’Neill as Its Next CEO
- Lululemon confirms Heidi O’Neill named as new CEO