Nike announced it will be enacting roughly 1,400 layoffs globally as it continues to suffer an ongoing downturn in sales.
Shared with employees on Thursday, the memo from Chief Operating Officer Venkatesh Alagirisamy said that the company will be laying off employees in North America and Europe, with an emphasis on its technology team.
“You never want to have to go through any sort of layoffs, but to re-center the company, we’re doing some of that,” CEO Elliott Hill said in an interview earlier this year.
The layoffs represent “less than 2% of Nike’s global workforce,” per the New York Post .
Nike shares have lost more than half their value in…
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