(Reuters) – Nike (NYSE:) will lay off about 740 employees at its world headquarters in Oregon, it said in a letter published Friday, as the leading sportswear maker looks to rein in costs after warning of a drop in revenue in the first half of fiscal 2025.
The “second phase of exposure” will begin June 28 at its headquarters, Michelle Adams, Nike’s vice president of people solutions, said in a formal notice to state officials.
The company’s shares rose slightly in after-hours trading. This year they are down almost 13%.
In December, Nike announced a $2 billion cost-saving plan over the next three years and in February said it would cut about 2% of its workforce, or more than 1,600 positions.
As of May 31, 2023, the company had approximately 83,700 employees.
Several companies in the US and Canada have announced new rounds of layoffs following a series of cuts in 2023 to cut costs amid demand uncertainty.
In March, Nike said its revenue would decline by a low-single-digit percentage in the first half of fiscal 2025 as it looks to cut some franchises.