rjohnson11
Picked up some licorice for my wife
What did I buy? Bad news at NIKE here on our 400-acre corporate headquarter campus in Beaverton, OR. Nike already has quietly laid off employees over the past 7-months and a total hiring freeze came effective in early 2022. Remaining WFH people were let go all together and not invited back into the fold. Just over a month ago in a company wide email it was officially announced that more than a $2 billion cost-cutting plan is being enacted! Our campus currently has more than 11,000 employees and we are now privy that over 2,400 of us will ultimately be made redundant. All of these are higher paying jobs with full over the top benefits, guaranteed bonuses, 100% matching 401K, on-site company paid childcare, an on-site employee discount mall, stock options, etc. Not something that the average Joe will find nowadays in the job market!
With Nike operating over 1000 retail stores, we are looking at about 225 store closings in 2024 including those in 'Outlet Centers.' Simply unwanted Air Maxes and Air Jordan’s have been piling-up along with most of our running products. Our smooth talking CFO Matt Friend said: “We are seeing indications of much increased and cautious consumer spending; besides the consumer has been under great financial pressure and with no end in sight.” Looks like I will not be buying any tech for a while or for buying anything at all which cannot be immediately eaten or put into my gas tank. NIKE internally marketed about (300) like new looking executive type office chairs for $35 each and for which the company once paid close to $500 each and which for gaming were simply fantastic. The chairs did not move and went to the Salvation Army!