Closed luxury retail stores on 5th Avenue in Manhattan during the outbreak of the coronavirus disease in New YorkNike is laying off some of its staff, according to a company-wide email sent from CEO John Donahoe and viewed byThe sportswear giant reported a net loss of $790 million for Q4 on Thursday, in part a result of pandemic-related store closures.If you're a Nike employee with a story to share, email sciment@businessinsider.com.
A company-wide email sent Thursday from CEO John Donahoe announced the layoffs, are expected to occur in two rounds taking place in July and the fall. The email, which was viewed by, did not specify how many employees and which departments would be impacted but mentioned that workers at Nike's retail stores, distribution centers, and manufacturing facilities are not expected to be among those laid off.
Donahoe also stated the layoffs were not being done because of pandemic-related or "cost" reasons, but rather as an effort to restructure the "overburdened matrix" of the company.a net loss of $790 million in the fourth quarter on Thursday, in part as a result of the COVID-19 pandemic's impact on store closures across North America.
"These decisions are exceptionally difficult because they impact friends and colleagues at Nike," Donahoe wrote in the email, according to Complex. "You have my personal commitment that we will put people at the center throughout this entire process. We will support everyone impacted by this transition."If you're a Nike employee with a story to share, email sciment@businessinsider.
Why ni snarky headlines darrenrovell ? Oh that’s right, u only have it in for UnderArmour
What timeline is this!? No power laces? No wonder Nike is loosing money in this timeline!
Maybe they should think about making knee pads too!
mrwallace918 Ooh wee they almost lost a billi!!!!!
Nike lost us awhile back. Glad to have contributed to this dismal bottom line. I don't want personal, toxic views shoved in my face and that's exactly what they did. They've earned this!
Haha fkheads
With retail sales up 16.7% in MT, this couldn’t have happened to a better company!! Thank you Nike nikestore I haven’t bought 1 Nike item for me, my son, husband or anyone since The Betsy Ross takedown!!
😟
start with their PR department
Gee...Maybe China will bail them out.
There wasn't an emoji with a big enough smile to capture my joy in seeing this.
Get woke go broke.
HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA JUST DO IT !!!
LOL Nike
China owned
What did you expect keep funding terror groups. You are anti-American . So take Colon Kapencrap and take your business out of the USA. We dont need you. So JUST DO IT.
Endorsement of Kaepernick wasn’t the brightest move by Nike & after supporting leftist movements, they still looted & destroyed nike stores. Don’t blame it on the pandemic. Blame it on being stupid. I quit buying Nike products after Kaep & I bought other products this qtr
get woke go broke
Get woke. Go broke!
Gee. How much did they pay Colin Kaepernick
“Continue to pander, even if it means losing everything.” - Nike
Colin Kap isn’t bringing in the dollars? Ouch
BenFrancis1992 now is your time...
I haven't bought any Nike products since they exalted Kaepernick.
Colin Kaepernick hurt the bottom line for Nike. Sowing and reaping
Because Nike's human trafficking rings are been taking down, money is short for these cabal businesses. Keep an eye on closings, search tights related to human rights, pedophilia, money laundry, etc... you will see things with different eyes. The swamp is deep! Good riddance!
And thats using slave labor.......
Good! They target impoverished black communities. They care so much they charge them over $200 for a $20 shoe . Oh and the endorsements? Seriously when have you ever bought anything because an out of touch millionaite told you to?
bummer
Go woke, go broke 😎
Go woke, go broke. Congratulations on alienating a significant portion of your customer base in the name of wokeness and to appease the looters, who don’t pay for your products anyway. I feel bad for the people losing their jobs so Kap can get richer.
Pahahahahahahahahahahahahahahahahahahahahahahahhahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha
They wanted us to pay 150 for this
nike has an obsene amount of money to survive 💰 I’d invite you to pray for the families that at this moment don’t know if they will keep their jobs in the middle of a pandemic 🙏🏼 Unless you’ve been through it, you have no idea how debastating this is. NikeLayOffs business
Get woke go broke
OHH I MEMBER...
BLM looting can do that to your balance sheet...
In the sweat shops in Indonesia?
And yet they donated hundreds of millions of $$$ to Domestic Terrorists BLM🤨
What does overburdened matrix actually mean?
Just do it.
jbrous41
Well deserved
🤣
Good! Let them go bankrupt!
Go woke go broke. Fuck Nike
while adidas cut their price 50% why nike doesnt do the same thing ? Its better than a loss eventhough it is another kind of loss but there is income for it
Wait till the NBA and NFL starts its season. This country is PATRIOTIC, and it will not support disrespect to the flag. Good luck playing without fans!!!
Switched to UnderArmour after Nike signed an endorsement deal with Kap, and I won't be going back. Nike deserves every bit of financial trouble they get.
Nike Got Woke but Went Broke because they thought the public didn’t realise they used Chinese Slaves to make products. Scum Company
Lol.... That's Lebron's fans leaving him after his racist remarks!!
I’m no business genius but what about reducing the absurd amount of money you pay already ridiculously highly paid sportspeople to wear your gear 🤔
Fuck Nike!
Economy is collapsing rapidly faster then Trump even imagined! A massive Recession is on the Way. Any day now! Right. realDonaldTrump. 😂😂😂😂😂😂😂😷😷🇺🇸🇺🇸
Why pay for Nike’s when you can loot them for free?
Nike hasn’t made a decent running shoe since the mid nineties.
Huge. That’s huge!
Stop making redundant products
The other shoe is dropping...
Get woke, Get Broke
These billion worth companies take short losses and they cut jobs, immensely affecting lives negatively. That’s why they should be taxed more and more often.
i have not bought NIKE products for over a year now and will continue to do so . all my golfing gear was once nike and so was my gym gear not anymore
NorthmanTrader check..
How much of the loss is from looters
Yikes
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