Footwear brand Converse will cut jobs as part of parent company Nike’s $2 billion cost-cutting plan, a source familiar with the matter said Tuesday.
Nike unveiled a cost-cutting plan in December that would extend over the next three years and also include reducing supplies of some products and reducing management levels.
The company has been hit in recent quarters by reduced consumer spending and a pressured wholesale sector, forcing it to cut supply of classic shoes such as the Air Force 1 and Pegasus.
In March, the company warned that its revenue in the first half of fiscal 2025 would decline by a single-digit percentage.
The cost-cutting plan has led to a series of staff cuts at the world’s largest sportswear maker in recent months.
Bloomberg News first reported Converse’s staff cuts.
Source: Terra
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