Nike is planning another round of layoffs as part of CEO Elliott Hill’s efforts to realign the business and get it back to growth, CNBC has learned. The cuts will impact less than 1% of Nike’s corporate staff.

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Nike has announced plans to lay off less than 1% of its corporate staff as part of a broader business realignment strategy. The company, which employs approximately 77,000 people worldwide, is shifting its organizational structure from gender and age-based divisions back to a focus on specific sports. This change is being led by CEO Elliot Hill and is not primarily a cost-cutting measure, but rather an effort to reposition the company for future growth.

The layoffs come after a previous round in early 2024, when Nike let go of about 1,500 employees. The company has faced challenges in recent years, including market share losses and difficulties in China, but recent financial results suggest the worst may be over. Nike is also adapting to increased competition and technological changes in the industry.

Nike to lay off around 1% of staff

All right, welcome back. Let's hit another CNBC exclusive. Retail reporter Gabby Fon Rouge has a new story right now on CNBC.com about Nike and how it is laying off some management, a story that you will only hear here. Gabby, welcome. What have you found out? So what we found out today is that Nike is laying off less than 1% of its corporate staff. Nike has about 77,000 employees worldwide, but a lot of those people are part-time store employees, so we don't know the exact number of people that are gonna be impacted. But this isn't so much of a cost-cutting, restructuring thing. This is more about CEO Elliot Hill's efforts to realign the business. You know, you have to kind of take a step back to understand how we got here. Under the former CEO, Nike changed the way that it aligned its business. Instead of going from tennis and running and basketball, it aligned it to women's, men's, and kids. And now Elliot Hill is trying to undo a lot of that work, and so they're realigning from women's, mids, and kids into more of a sport focus. That means the teams are gonna be realigned, and some cuts are gonna happen along the way. So basically shifting divisions, but that's still gonna be cold comfort for the folks, because I know 1% doesn't sound like a lot of people, but if you're a company Nike-size, for those people, it's a big deal. Absolutely, it's always going to be a big deal, and you have to also think about where we have come, right? In February of 2024, Nike laid off about 1,500 employees, and a lot of these staffers are feeling a little bit of whiplash, right? You had one CEO in, one CEO out, a new one in, a new strategy, and one of the things, you know, beyond all of the other things that Elliot is working on, he also has to fix the culture. Which is tough to do, because Nike is in Oregon, okay? And Oregon's a wonderful place, but it's not New York City. We don't have 1,000 companies where people can move over from, right? Their pool of labor is probably a little bit smaller than most, unless people are willing to move to Oregon, which they probably would be. All the Oregonians are now gonna come at me, I think I hate their state. Be careful with that one. I gotta be careful with that one. Dangerous folk. No, but this is, one wonders, we don't know why, but one does wonder, we just talked about AI, like, what's really happening? You know what I mean? If it is just the reshuffling of the divisions, AI's also gonna play a role, I think. Not just at Nike, but any company. You're already seeing a lot of companies who are actually admitting that they're using AI for product design. It makes things faster, it makes things more efficient. In this economy, and with the troubles that Nike is facing, it has to take cuts where it can. It has to be efficient, it has to be able to compete, especially with how competitive sneakers have become over the last couple of years. Is Nike coming back? Like, how's, the company's suffered for years. It's not, it's lost market share. So the challenges have been. The stock's gotten crushed. I mean, these are all. China's a problem. China is a problem. But that's a Nike self-inflicted problem. Nike is on its way back. It's been in the midst of this turnaround, and in the last quarter, what we heard is that the worst financial impact is now behind the company. It's on an upswing from here, so we're just gonna have to keep watching.

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