Converse, a sneaker brand owned by Nike, is gearing up for massive layoffs following yet another precipitous decline in quarterly revenue. A worsening of its long-running downturn has put Converse in a difficult position. Reportedly based on an internal memo from CEO Aaron Cain, Converse is preparing to lay off a large portion of its personnel.Cain added in the message that the organisation was facing tough decisions, such as saying goodbye to comrades and friends, and that senior executives were also likely to leave. Converse continues to report substantial declines, which coincides with the layoffs. The division’s revenue dropped 30% to $300 million in Nike’s most recent quarter, continuing a long streak of negative growth as sales decreased across all markets.Converse Poor Market Run ContinuesEven while Nike as a whole is trying to turn things around under the leadership of CEO Elliott Hill, Converse has been a constant blemish in the portfolio. Following a time of inconsistent demand, Nike has been attempting to re-establish wholesale alliances, refine its innovation pipeline, and regain momentum. The magnitude of the anticipated layoffs is still unknown. But this is only the latest round of layoffs at Nike, which has been cutting expenses and protecting… Read MoreStartupTalky- Business News, Insights and Stories
