Under Armour expects to lay off about 600 global employees this year as part of its ongoing restructuring plan.
The layoffs were disclosed in a federal securities filing Tuesday in which the Baltimore-based company said it is increasing the cost of that plan by $75 million. Under Armour’s board approved the additional spending Sept. 2, bringing the cost of the restructuring to about $550 million to $600 million, the filing said.
The sports apparel maker, already struggling before the coronavirus pandemic, had announced in April a $475 million to $575 million restructuring plan for this year.
“This restructuring plan was developed prior to [Under Armour] assessing the potential impacts of the COVID-19 pandemic and the Company stated that it would continue to evaluate necessary actions in response to the pandemic,” the company said in the latest filing with the Securities and Exchange Commission.
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