Under Armour Inc. said late Tuesday it will lay off 600 employees as part of an expansion of a cost-cutting plan related to the impact of the Covid-19 pandemic.
The Baltimore-based sportswear maker’s board approved a $75 million increase to a restructuring plan implemented earlier this year, bringing total estimated pre-tax restructuring and related charges to $550 million to $600 million, according to a federal filing.
As part of the plan, Under Armour (NYSE: UAA) said it will incur $235 million of cash charges including up to approximately $135 million of contract termination and other restructuring costs. The brand also expects to recognize $70 million of facility and lease termination costs, and $30 million in employee severance and benefit costs related to a reduction of approximately 600 employees primarily in its global corporate workforce.
The company employs about 2,400 in Baltimore and about 14,500 globally, according to the BBJ’s list of Largest Private-Sector Employers in…
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