The move was made to help reduce expenses and move towards profitability, according to a news statement. The impacted employees are expected to receive severance, healthcare benefits and career support.
“Under Armour made the difficult decision to eliminate approximately 50 corporate roles across several functions in the business,” the company said in a statement.
“We made this decision to help reduce expenses to better align with our next chapter of growth, which is part of our continuous improvement plan toward profitability. We sincerely appreciate the commitment and contributions these teammates made and are supporting them during this transition.”
Last month, Under Armour forecasted annual sales and profit below Wall Street estimates. It expects fiscal 2024 net sales to be flat to slightly up, compared with analysts expectations of 3.7% growth.
Most recently, as of February, Stephanie Linnartz joined the company as president, CEO, and as a member of its board. Linnartz joined the company from Marriott International, which is the world’s largest hospitality company and owns the Ritz-Carlton and Marriott hotel chains, among others, where she was president.
Copyright © 2023 FashionNetwork.com All rights reserved.