Under Armour to lay off 600 employees globally
US-based sportswear maker said it will lay off about 600 employees from its global workforce, given the impact of the COVID-19 pandemic in its business
In a US Securities and Exchange Commission filing presented Tuesday, Under Armour said it plans to cut about 600 jobs primarily in its “global corporate workforce.”
As part of the plan, Under Armour expects it will incur 235 million US dollars of cash charges including up to approximately 135 million US dollars of contract termination and other restructuring costs. The brand also expects to recognize 70 million US dollars of facility and lease termination costs and 30 million US dollars in employee severance and benefit costs related to such reduction in its workforce.
Source: Baltimore Business Journal
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