Nike stock plunges as sneaker giant reveals $2B in cost cuts, slashes sales outlook

Nike unveiled a $2 billion cost-savings plan that suggested significant layoffs are looming — and sent the athletic apparel giant’s share price tumbling more than 10%.Nike plans to incur as much as $450 million in severance costs that “will be recognized largely in the third quarter,” Chief Financial Officer Matt Friend said on an earnings call with investors on Thursday.For reference, when the company slashed its workforce by 700 in 2020, it incurred between $200 million and $250 million in severance cost ...