Under Armour Cuts 400 Jobs As Part Of $200M Restructuring Plan

While Nike has been in the national spotlight for its ad campaigns and ensuing sales boost, one of its largest competitors, Under Armour, has been under pressure of another kind as it engineers a $200 million restructuring plan.

Under Armour unveiled the latest addition to this plan by announcing 400 job cuts, or approximately 3% of the company’s workforce. As part of the cuts, Under Armour will provide $10 million in severance payments. This is the second round of layoffs in the past year for the athletic brand, which cut nearly 280 jobs in 2017, including 140 at its Baltimore headquarters.

The cuts are expected to be completed by March 31, 2019 and represent the final component and update to the company’s 2018 restructuring plan. In total, the company now expects to incur approximately $200 million to $220 million of pre-tax restructuring…