Retail

Nike CEO John Donahoe tells employees that layoffs are coming

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People walk past a Nike store in New York.

Carlo Allegri | Reuters

On the same day that Nike announced dismal earnings, CEO John Donahoe sent an email to employees warning them that layoffs are coming. 

“We will soon be forced to make some difficult choices that will likely result in a net reduction of jobs,” said the email sent late Thursday, according to Complex Magazine

Nike, whose stock has rallied more than 50% from its March 23 close, reported that sales were down 38% with a net loss of $790 million in the fiscal fourth quarter, after Covid-19 forced the closure of most of its stores around the world. It’s a rare miss for the company that has only fallen short of earnings…



Source cnbc.com

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