Tags: converse | job cuts | nike

Converse to Cut Jobs as Part of Nike Cost-Savings Plan

Converse to Cut Jobs as Part of Nike Cost-Savings Plan
(Dreamstime)

Tuesday, 14 May 2024 01:14 PM EDT

Footwear brand Converse will cut jobs as part of parent company Nike's ongoing $2 billion cost savings plan, Bloomberg News reported Tuesday citing an internal memo.

Nike had laid out a costs saving plan in December that would stretch over the next three years and also include tightening the supply of some products and reducing management layers.

Nike said in February it would cut about 2% of its total workforce, impacting more than 1,600 jobs as the company looked to rein in expenses in the face of weak consumer demand for its sneakers.

In April, Nike also said it would lay off about 740 employees at its world headquarters in Oregon as part of the restructuring plan.

Nike and Converse did not immediately respond to Reuters' requests for comment.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Footwear brand Converse will cut jobs as part of parent company Nike's ongoing $2 billion cost savings plan, Bloomberg News reported Tuesday citing an internal memo.
converse, job cuts, nike
129
2024-14-14
Tuesday, 14 May 2024 01:14 PM
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