Recent news has revealed that Nike, the global sportswear and sneaker company, is set to lay off 740 employees in Beaverton as part of a 2% downsizing of its workforce worldwide. The company announced this decision in a notice to Oregon officials, stating that the reduction in workforce at its World Headquarters will take effect by June 28, 2024.

Earlier in February, Nike had announced plans to lay off about 1,600 employees across its global workforce due to its recent underperformance. Lower online sales have been cited as one of the contributing factors behind the downsizing.

A spokesperson for Nike emphasized the company’s commitment to pursuing growth opportunities in the sports, health, and wellness sectors. The restructuring aims to position Nike for future success by aligning its organization with its strategic objectives.

While the specific job titles affected by the layoffs are still being determined, this move is not unprecedented for Nike. In 2017, the company also implemented a 2% reduction in its global workforce, affecting approximately 1,400 employees.

Nike, with its roots tracing back to Eugene in the 1960s, has a rich history in Oregon. Co-founder and former CEO Phil Knight, a track athlete at the University of Oregon, played a pivotal role in the company’s early days by selling running shoes at local meets.

This latest development underscores Nike’s ongoing efforts to streamline its operations and control costs in response to market challenges. The company’s proactive approach to restructuring reflects its determination to adapt to changing business dynamics and focus on sustainable growth.