Under Armour is Slashing 3% of its Workforce Around the World
Author By Sophia VidaPosted on Under Armour announced this week that it will be cutting 3% of its workforce, which equates to roughly 400 jobs.
The company’s latest job cut move is part of its ongoing changes to combat weak sales of its products. The workforce reduction is expected to be completed by the end of March, 2019.
CFO David Bergman said, “In our relentless pursuit of running a more operationally excellent company, we continue to make difficult decisions to ensure we are best positioned to succeed.”
He added, “This redesign will help simplify the organization for smarter, faster execution, capture additional cost efficiencies, and shift resources to drive greater operating leverage as we move into 2019 and beyond.”
Under Armour spokeswoman Kelley McCormick said in an email that the job cuts affect “roughly” 400 employees of the company.
According to the company’s annual report, Under Armour has 15,800 employees as of December 31st.
The company has said that the layoffs are the final component of a 2018 restructuring plan that the company says will cost up to $220 million.
Disclaimer: We have no position in Under Armour Inc Class C (NYSE: UA) and have not been compensated for this article.
