As Nike deals with major financial challenges, the folks at the top have been feeling the pinch.
According to Matthew Kish of the Oregonian, Nike has provided a list of 732 jobs that it has eliminated. Gone are, per the report, “32 vice presidents, 112 senior directors and 174 directors.”
That amounts to more than 40 percent of the jobs that were wiped out.
Nike continues to struggle, with its shares down by $2.38 to $73.05 on Monday, bringing it close to a 52-week low of $73. It had been north of $177 in November 2021.
The shoe behemoth became the NFL’s exclusive apparel provider in 2012, with a contract that runs through 2027. Ten days ago, more than $28 billion in shareholder value disappeared after Nike said it expects sales to decline in the coming year.