90 Miles From Tyranny : Nike is laying off staff and announces a $790 million loss in its latest quarterly earnings

Saturday, July 18, 2020

Nike is laying off staff and announces a $790 million loss in its latest quarterly earnings



No word if the layoffs include concentration camp Uyghur slave labor in China or America hating Colon Kaepernick.

  • Nike is laying off some of its staff, the company confirmed to Business Insider.
  • CEO John Donahoe announced the news on Thursday in a companywide email, which Complex saw.
  • The sportswear giant also on Thursday reported a net loss of $790 million for the fourth quarter, in part a result of pandemic-related store closures.
  • "We are shifting resources and creating capacity to reinvest in our highest potential areas, and we anticipate our realignment will likely result in a net loss of jobs," Nike said in a statement.
Nike is laying off some of its staff, the company confirmed to Business Insider.

CEO John Donahoe announced the layoffs — expected to occur in phases, starting in July — in a companywide email on Thursday. The email, which Complex saw, did not specify how many employees and which departments would be affected but mentioned that workers at Nike's retail stores, distribution centers, and manufacturing facilities were not expected to be among those laid off.

Donahoe said the layoffs were not related to the pandemic or costs but described them as an effort to restructure the "overburdened matrix" of the company, according to Complex.

Nike told Business Insider that any money saved would be "reinvested" in the company.

"Consumer Direct Acceleration is the next digitally empowered phase of our strategy," Nike said in a statement. "We are building a flatter, nimbler company and transforming Nike faster to define the marketplace of the future. We are shifting resources and creating capacity to reinvest in our highest potential areas, and we anticipate our realignment will likely result in a net loss of jobs."

The announcement came shortly after Nike reported a net loss of $790 million in the fourth quarter, partly the result of the COVID-19 pandemic's impact on stores across North America.

"These decisions are exceptionally difficult because they impact friends and colleagues at Nike," Donahoe wrote in the email, according to Complex. "You have my personal commitment that we will put people at the center throughout this entire process. We will support everyone impacted by this transition."

In its statement to Business Insider, Nike said, "We are committed to showing compassion and respect for our transitioning employees through thoughtful and robust severance practices, consistent with our company values, our legal obligations, the...

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7 comments:

Jess said...

Nike is run by imbeciles. Stockholders will sell as fast as they can.

Anonymous said...

Laoyoff's of 50% of Nike's Chinese workforce is expected to save the company almost $300.00.

Anonymous said...

Boo Fucking Hoo.

DOB said...

Get woke. Go broke. Bye nike..

Tsquared said...

I am 58 years old. I have bought Nike sports shoes since 1980. During the last 10 years I have slowed down to buying those shoes to about one pair a year. It has been two years since my last purchase of two pair of Nike shoes. Due to the political stance of the company over the past year I purchased a pair of Adidas sneakers a few days back. I am done with Nike.

tweell said...

I buy New Balance sneakers, they make shoes in the USA (and England). They're more expensive, but fit my foot well.

edstafford said...

I hope everyone got the satiric wit behind your statement. Trouble is, there is a lot of truth behind it.