Nike (NYSE:NKE) layoffs are in the news Monday after the athletic apparel company announced plans to cut jobs at its global headquarters.

These Nike layoffs will result in 740 employees at the company’s Beaverton, Oregon, headquarters losing their jobs. This comes after the company announced plans to reduce its workforce by 2% in February.

Nike is planning to handle these layoffs in two rounds. The first round will start immediately, and the second round will start by June 28. It’s worth noting that Nike currently has about 11,000 employees at its headquarters and 83,000 total.

All of this is part of a restructuring effort that has 1,600 jobs being cut at Nike. The company estimates that these changes will save it $2 billion per year and that it will suffer a $400 million to $450 million charge connected to them.

Nike Layoffs Statement

Here’s what the company had to say about the layoffs to KGW8:

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger.”

NKE stock is down slightly on Monday morning after announcing this newest round of layoffs.

Investors who are seeking out even more of the most recent stock market stories are in luck!

We have all of the hottest stock market news for Monday! Among that is what has shares of Tesla (NASDAQ:TSLA), Hepion Pharmaceuticals (NASDAQ:HEPA) and Vaxxinity (NASDAQ:VAXX) stock in the news today. You can read up on all of this news at the links below!

More Monday Stock Market News

• TSLA Stock Alert: Tesla Plunges on Another Round of EV Price Cuts
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• Why Is Vaxxinity (VAXX) Stock Down 58% Today?

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.