Around 600 employees will be laid off as part of the brands restructuring plans.
The company has announced that the restructuring and job cuts are a direct result of the ongoing Coronavirus pandemic which saw the company’s revenue down by 41 per cent to $708M in the second quarter, meaning that they ended this quarter with cash and cash equivalents of around $1.1bn.
As part of these plans, the company expects to incur around $235M in charges, including $135M that can be attributed to contract termination and other restructuring costs. Furthermore, Under Armour is now expecting its restructuring costs to cost around $550-$600M.
The company has announced that it expects the majority of its restructuring charges to occur by the end of the year.
