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Thursday, August 3, 2017

Under Armour: Laying off 2 Percent of Employees

Guess the MLB Jersey License isn't too lucrative for them. I really am interested to see how this will play out with Fanatics partnering with Under Armour and then buying Majestic. Can't wait to see how this impacts the jerseys. Sucks that anyone had to be laid off.

From the NY Post.

The stock hit a 52-week low earlier in the day.

Chief Executive Kevin Plank, reacting to the weak quarter, announced a corporate restructuring — laying off 2 percent of the company’s employees, writing down some inventory and backing out of some leases and lowering sales guidance for the year.

“After six and a half years of more than 20 percent growth, we are clearly operating in a different environment, especially in North America,” Plank said during a call with analysts.

Read more here.

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