Sportswear giant Under Armour will cut almost 300 jobs. Elizabeth Keatinge (@elizkeatinge) has more.
Sportswear maker Under Armour said that it will cut roughly 2% of its workforce as part of a restructuring plan to regain its footing at a time when sporting goods chains are closing and shoppers increasingly want to browse for goods online.
Under Armour said Tuesday that its directors have given a green light to a plan that will end leases, and offer severance and benefits totalling $15 million to workers affected by the job eliminations. The plan is expected to cost between $110 and $130 million this year.