Nike lays off 740 employees at Oregon HQ
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Nike is set to lay off at least 740 employees from its Oregon headquarters as the sportswear giant prepares for an anticipated revenue drop in the first half of fiscal 2025.
Layoffs deemed the “second phase of impacts” in a Friday letter would start in late June, according to a report citing a legally mandated notice from Nike Vice President Michele Adams.
Although Nike shares have seen a slight uptick in after-hours trading, total shares have fallen roughly 13% this year, according to the report.
To face the expected revenue drop, Nike announced a roughly $2 billion cost savings plan in December that will be implemented over the next three years. It includes the removal of 1,600 of its 83,700 workers.
The announcement that the 740 employees will be terminated arrives around the same time Nike appears to have lined up a multimillion-dollar deal with women’s basketball star Caitlin Clark, according to a report.
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Clark is expected to ink a reported eight-year deal with Nike, which is worth upward of $28 million.
The offer from Nike includes a purported $3.5 million annual salary and a signature shoe, the report noted.
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