Nike Announces It Will Lay Off an Additional 200 Employees at Beaverton Headquarters

Despite dislocations caused by the COVID-19 pandemic, Nike’s stock price has flourished this year.

Nike is stretching the number of layoffs at its Beaverton headquarters from 500 announced in July to a total of 700, according to an Oct. 29 letter the company sent to local and state officials.

Companies that engage in large workforce reductions are required to notify government officials. Today's letter adds to the earlier announcement.

"As previously noticed in its July 23, 2020, correspondence, Nike Inc. will be permanently reducing its workforce at its world headquarters," wrote Nike vice president Kim Lupo to Beaverton, Washington County and state officials.

"As of Jan. 8, 2021, approximately 700 employees will have been impacted by this permanent reduction in workforce."

Despite dislocations caused by the COVID-19 pandemic, Nike's stock price has flourished this year, closing today at about $122 a share, up about 20% in 2020.