BEAVERTON, Ore. — Nike Inc. on Monday said in a filing with the state that approximately 700 workers at the company's world headquarters will lose their jobs by Jan. 8.
The company did not provide the state any information about the job titles being eliminated.
The layoffs have been ongoing and started several weeks ago.
In July, the company said it expected to lay off at least 500 workers, part of an ongoing effort to streamline its operations. The company has said the layoffs will result in termination costs between $200 million and $250 million.
The sportswear giant employs 74,700 worldwide, according to its latest annual report, including 12,800 at its headquarters.
CEO John Donahoe previously described the layoffs as part of a broader effort to simplify the company around a business model that is increasingly focused on direct, digital sales, which Nike calls Consumer Direct Acceleration.
"We are announcing changes today to transform Nike faster, accelerate against our biggest growth opportunities and extend our leadership position," Donahoe said, in a July news release.
The company continues closing wholesale accounts as part of that effort.
The business plan has been a hit with Wall Street. Nike's shares are up nearly 21 percent this year, while the market is roughly flat.
But the layoffs, coming during a pandemic and while the company remains profitable, have been criticized.
Nike had $12.5 billion in liquidity, including $8.8 billion in cash and equivalents, at the end of its most recent fiscal year, during which it reported a $2.5 billion profit.
In a statement Monday, Nike acknowledged job cuts are difficult, but said it is "leading with our values and are committed to acting with compassion and respect for our employees."
Nike has also said the work to streamline the company began before the pandemic.
"This work began before COVID-19 and the pandemic was the stress test that proved Nike's strategy is working," the company said, in a previous statement. "This is about transforming Nike faster to define the marketplace of the future. We're shifting resources and creating capacity to reinvest in our highest potential growth areas."
Nike last announced significant layoffs in 2017 when it cut 2 percent of its global workforce as part of an earlier restructuring designed to help the company operate more nimbly.
It also had significant layoffs in 2014 when it discontinued a hardware division and 2009 when it laid off 4 percent of its workforce during a previous restructuring.
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