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Under Armour to Lay Off 600 Employees Globally

The sportswear maker expects to incur $235 million in charges, including up to $135 million for contract termination.

Under Armour store Shanghai | Source: Shutterstock

Reuters

09 September 2020

BALTIMORE, United States — Sportswear maker Under Armour Inc said on Tuesday it will lay off about 600 employees from its global workforce, citing the impact brought on by the coronavirus pandemic to its business.

The company expects to incur about $235 million in charges, including up to $135 million for contract termination and other restructuring costs, it said in a filing.

The company also raised its restructuring cost for the year by $75 million and now expects it to be about $550 million to $600 million.

Under Armour said it expects majority of remaining restructuring charges to occur by end of the year.

In April, the company had said it would temporarily lay off about 600 workers at its U.S.-based distribution centres.

By Shradha Singh.

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