Nike Announces Major Layoffs, Top Execs Affected

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Global sportswear giant Nike has announced the elimination of 732 jobs, including 32 vice presidents, 112 senior directors, and 174 directors. This reduction represents over 40 percent of the total job cuts.

The company’s shares fell by $2.38 to $73.05 on Monday, nearing a 52-week low. This is a significant drop from its high of $177 in November 2021.

Nike, which has been the NFL’s exclusive apparel provider since 2012 with a contract extending through 2027, recently experienced a $28 billion loss in shareholder value following a forecast of declining sales for the upcoming year.