In response to the pandemic’s ongoing effect, Nike (NKE +1.7%) to permanently reduce its workforce by ~700 at its headquarters in Oregon by Jan. 8, 2021.
The company originally announced in August to lay off of at least 500 employees, resulting in termination costs of ~$200M to $250M.
However, the company seems to be rebounding, as it reported $1.5B profit in Q1 with digital sales up 82%, helping offset declines in its wholesale business and company-owned stores.
