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Under Armour to lay off 400 employees in latest update to restructuring plan

Under Armour Inc. said Thursday that it will reduce its global workforce by 3 percent by the end of March as the Baltimore sportswear maker continues to cut costs through a restructuring plan.

About 400 of the company’s some 14,000 employees will be laid off. A spokesman declined to say how many people will be laid off across Greater Baltimore, where the company has 3,700 employees, according to Business Journal research. Last year the company reduced its workforce by roughly 280 people, including 140 in Baltimore.

“Baltimore has been the bedrock of our winning brand and we are deeply committed to the city we call home,” the spokesman said. “This community is a key to the innovation that will allow us to reimagine the future.”

Under Armour (NYSE: UAA) expects to incur about $10 million in severance charges because of the action, raising the cost of the company’s ongoing restructuring plan to between $200 million and $220 million for the year.

Under Armour has been cutting costs as…

Read the full story from the Washington Business Journal.



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