Under Armour Begins Layoffs After ‘Acute’ Shock to the Business

Under Armour (NYSE: UA) (NYSE: UAA) is trying to slash costs as the financial toll of the COVID-19 pandemic rises.

The sports apparel giant said on Friday that layoffs will begin on April 12 across most of its U.S. retailing store base, which is closed until further notice. While management is aiming to serve customers' shopping needs as soon as the virus threat passes, executives said aggressive cost cuts must follow the recent sales slump.

"This unanticipated shock to our business has been acute," CEO Patrik Frisk said in a press release, "forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand."

Source Fool.com