Nike Intends to Terminate 700 Headquarters Personnel During Restructuring

Athletic shoe and apparel company Nike (NYSE: NKE) has increased the number of layoffs at its Oregon headquarters to 700 employees, the Associated Press reports. The additional terminations were announced yesterday, Nov. 2, and will take effect in January 2021. Among those slated to lose their jobs are 200 individuals working at the HQ child care facility, which will be closed in the coming months.

The job cuts aren't directly related to the COVID-19 pandemic, but are instead the result of a new strategic refocus toward online sales and direct delivery. The move could also be viewed as part of a program of improving Nike's technology and fulfillment speed under way for several years now, a shift requiring a leaner workforce and trending inexorably toward job trimming across the company's operations.

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Source Fool.com