Nike plans massive workforce cuts by 2027

Nike will begin mass layoffs in 2027. This was reported by Reuters.

It is not yet known exactly how many people will lose their jobs, but it is estimated that through these methods the sports giant hopes to save about $2.5 billion by fiscal year 2031.

It is noted that the reason for this development of events was the company’s problems, which seriously alarmed investors. The gloomiest statistics came from China, where Nike sales fell 26 percent in the first quarter. Sales in China have declined for nine consecutive quarters. Meanwhile, the region accounts for about 15 percent of Nike's annual revenue and is its third-largest market after North America and Europe, the Middle East and Africa.