Nike Cuts 1,400 Jobs in Second Layoff Round as Shares Slide 70%
Nike’s share price has fallen over 70% from its 2021 pandemic peak to about $44 as the company implements a second 2026 layoff round cutting 1,400 jobs. CEO Elliot Hill’s 'Win Now' strategy focuses on rebuilding wholesale partnerships and accelerating product innovation to stabilize revenue growth.
1. Continued Workforce Reductions
Nike has executed its second round of layoffs in 2026, cutting around 1,400 positions and marking the fourth consecutive year of staff reductions. The company states these cuts align its workforce with the current pace of sports and position it for more efficient growth.
2. Shares Fall Over 70% from Pandemic Peak
Nike’s shares are trading near $44, representing a decline of over 70% from their 2021 pandemic high. The sustained slide reflects investor concerns over restructuring costs and slower-than-expected innovation.
3. 'Win Now' Turnaround Strategy
CEO Elliot Hill, who returned in 2024, has rolled out the 'Win Now' strategy aimed at rebuilding wholesale relationships with key retailers and accelerating the launch of innovative products. This approach seeks to reignite sales momentum and boost margins.
4. Analyst Perspectives
Analysts note the depth of recent workforce reductions may signal deeper operational challenges, while others highlight improving margins in China and growing North American revenues as indicators that Nike’s recovery efforts are beginning to bear fruit.