Nike has filed documents with the state that show its recently announced layoffs will eliminate at least 500 jobs at the company’s world headquarters near Beaverton.

The sneaker giant announced the downsizing on July 22 after announcing a rare money-losing quarter in June. But it has not yet divulged the actual number of job cuts.

The total number of layoffs worldwide will be much higher than the 500 in Oregon losing their jobs. Nike said last week the cuts will result in termination costs of $200 million to $250 million.

Like many other corporations, Nike has suffered during the global pandemic and the economic shutdown that came with it. The company reported a loss of $790 million, or 51 cents per share, during the period ended May 31, compared with net income of $989 million, or earnings of 62 cents a share, a year ago.

Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago.

In its notice to the state, Nike said the cuts will include some members of its corporate leadership teams and their executive assistants.

Source: Oregon Live