Sportswear giant NIKE has outlined plans to lay off 740 employees at its headquarters in Oregon, US, before the end of June, it has been reported.

Nike has now informed state officials about the scheduled downsizing at its Beaverton headquarters, as is US law, according to various media reports.

Michele Adams, vice president at the global sports apparel heavyweight, has been quoted as saying that Nike would “be permanently reducing its workforce at its world headquarters,” in a “second phase of impacts.”

Earlier this year, Nike’s chief executive John Donohoe told employees that the company would be reducing its workforce by around 2% (coming to 1,600 in total).

This downsizing is part of a wider plan through which Nike is attempting to cut $2 billion in costs, it announced late last year.

Cuts in the Europe, the Middle East, and Africa (EMEA) workforce will be on a different timeline based on local labor laws.

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As part of its general plan to cut costs, Nike said it will simplify its product assortment, and increase automation and technology use.

In a statement to media, Nike has now said: “Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health, and wellness have never been stronger.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

Over the past 12 months, Nike shares have fallen by more than 23% in value.

In terms of recent tie-ups, in late March it was revealed that Nike will take over as kit and equipment supplier to German soccer’s DFB governing body for the 2027-34 cycle.

This will end the iconic decades-long kit supply tie-up between the DFB and German sportswear giant adidas.