Under Armour Plans Lay Offs in Baltimore and around the world

Business

Aug. 1, 2017 11:15 am

Under Armour plans to lay off 140 in Baltimore

The athletics apparel company has reported its second consecutive quarterly loss.

Kevin Plank speaks outside The Lighthouse.

(Photo by Stephen Babcock)

Under Armour has announced a company-wide restructuring amidst its second consecutive quarterly loss.

In a quarterly report released by the athletic apparel company, founder Kevin Plank said the company will meaningfully increase their go-to-market speed and amplify its digital capabilities.

“We’ve identified a number of areas to enhance our operational capabilities, drive process improvement and gain greater efficiencies,” Plank said. “We remain steadfast in driving and building our brand while shifting our operational focus to become more return-on-investment and cost of capital centric — institutionalizing discipline to deliver more consistent, long-term shareholder value.”

The Baltimore Business Journal is reporting there will be a two-percent global workforce reduction, including layoffs in Baltimore.

One hundred forty of the 280 expected layoffs will take place in Baltimore, according to a spokeswoman for the company. Under Armour has 3,500 employees in Baltimore and 15,000 worldwide.

The company reports it will spend $15 million in employee severance and benefits costs. The overall restructuring is expected to cost between $110 and $130 million.

At the end of June, Plank stepped down from his role as president of the company but remained as CEO. Patrick Frisk took the reigns as president but directly reports to Plank.

Organizations: Under Armour
People: Kevin Plank
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

T. Rowe Price to close Tampa operations center, citing digital shift

AOL’s acquisition of Millennial Media is now complete

AOL plans high-level layoffs at Millennial Media after acquisition

SPONSORED

Baltimore

Win up to $360,000 for your startup at the WeWork Creator Awards

Baltimore, MD 21201

Stansberry Research

Senior Software Engineer

Apply Now
Baltimore, MD 21201

14 West

Software Engineer

Apply Now
Wawa (Media), PA

Wawa

Distinguished Engineer

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!