Under Armour, Inc. has confirmed reports that it laid off 50 corporate employees as part of its cost-control efforts.
“Under Armour made the difficult decision to eliminate approximately 50 corporate roles across several functions in the business. We made this decision to help reduce expenses to better align with our next chapter of growth, which is part of our continuous improvement plan toward profitability. We sincerely appreciate the commitment and contributions these teammates made and are supporting them during this transition. The impacted teammates will receive severance, healthcare benefits and career outplacement support,” said Under Armour.
On an analyst call for its fiscal fourth quarter that ended March 31, Stephanie Linnartz, Under Armour’s CEO, announced the launch of a new three-pronged program, “Protect This House Three,” or PTH3, with a focus on brand, product and North America, to drive growth. At the same time, the company planned to manage expenses and use its resources in areas with the highest returns. Linnartz told analysts, “We’re laser-focused on expense control and simplifying and optimizing our cost structure. And as we do that, particularly in the short term, it will allow us to redeploy resources against our top priorities, which links back to my plan on focus. So keeping our costs very much in line with where they should be.”
In its 10K filing, Under Armour said that as of March 31, 2023, it had approximately 15,000 employees worldwide, including approximately 10,000 employees in Brand and Factory House stores and approximately 1,400 working at its distribution facilities. Approximately 7,400 of its employees were full-time.
Photo courtesy UA/Gensler
