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Nike Records $300M Restructuring Charge Amid Layoffs and Cost-Cutting Measures

Nike Records $300M Restructuring Charge Amid Layoffs and Cost-Cutting Measures

Author:

Global Cryptocurrency

Published:

2026-03-06 13:05:02

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BTCCSquare news:

Nike Inc. is absorbing a $300 million pre-tax charge tied to workforce reductions, with the majority impacting its fiscal third-quarter 2026 results. The sportswear giant confirmed severance costs for layoffs spanning June 2025 through February 2026, including 775 U.S. job cuts in January and an additional 583 positions at its Memphis facility slated for elimination in April.

Converse, the Nike-owned footwear brand, also trimmed corporate roles as part of the restructuring. The moves come as CEO Elliott Hill prioritizes automation and cost efficiency amid declining sales. Nike shares have retreated 8.9% year-to-date, underperforming broader market indices.

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