Nike Aims to Save $2B Over Three Years With New Plan to ‘Streamline’ Organization

December 22, 2023

Nike on Thursday announced new measures to “streamline” its organization after reporting a profit beat for the second quarter.

The athletic giant said in a release that it sees the potential to save up to $2 billion, although these measures involve layoffs. Nike said it could see pre-tax restructuring charges of about $400 million to $450 million related to the costs of employee severance. This impact is likely to be seen in Q3.

In November, some Nike employees took to LinkedIn to share that they have been laid off from the company as the Swoosh unveiled major C-suite changes across design and marketing. According to the posts, the cuts occurred across talent and product management teams, as well as in contracted roles like copywriting, though Nike did not confirm layoffs at the time. yahoo!