Nike is laying off some of its staff, the company confirmed to Business Insider.
CEO John Donahoe announced the layoffs — expected to occur in phases, starting in July — in a companywide email on Thursday. The email, which Complex saw, did not specify how many employees and which departments would be affected but mentioned that workers at Nike’s retail stores, distribution centers, and manufacturing facilities were not expected to be among those laid off.
Donahoe said the layoffs were not related to the pandemic or costs but described them as an effort to restructure the “overburdened matrix” of the company, according to Complex.
Nike told Business Insider that any money saved would be “reinvested” in the company.