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Amber

Nike Reports $790 Million Loss Amid COVID-19 Pandemic

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Unfortunately, the Coronavirus pandemic has led to mass destruction throughout the world. While this destruction is more figurative, there is no denying that there have been hundreds of thousands of deaths, as well as the closure of countless businesses. Even some of the biggest companies in the world are feeling the negative effects of the virus, including sportswear giant, Nike.

Recently, the brand sent out a company-wide email in which they revealed that their fourth-quarter earnings show a $790 million loss in net profit. Despite this loss, they were able to make $6.3 billion in revenue and even saw a 75 percent increase in online sales.

Nike

Natalie Behring/Getty Images

From there, Nike noted that they would be cutting jobs although they assured people that it had nothing to do with the virus. Instead, Nike noted that they want to restructure in order to become much more efficient. It seems as though they want to streamline their efforts and job cuts are the best way to do this.

In a statement, Nike promised to give dismissed employees a generous severance package that aligns with the goals and beliefs of the brand.

This isn't an ideal situation for anyone although it is yet another example of how the world is changing, especially when it comes to the job market.

[Via]

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