Under Armour plans to lay off workers, cut 25% of SKUs, and restructure due to 5% revenue decline in Q4, costing $70-90 million.
Under Armour announced plans to lay off workers due to declining sales, becoming the latest company to cut jobs in 2024. The sportswear brand reported a 5% revenue decline in Q4, with a 25% SKU reduction and restructuring plan aimed at streamlining the business, costing between $70 million and $90 million. CEO Kevin Plank said the company is also addressing "inconsistent execution across our business" and prioritizing innovation.
May 16, 2024
12 Articles