• Officials did not say whether the cost-cutting effort would include layoffs, but did say it expects to incur nearly half a billion from mostly severance costs
• The forecast number, $450 million in the current quarter, is more than double the number it forecast before its last layoff that affected 700 workers
• Those firings - 700 of them - occurred in the mist of the pandemic, and were also billed as a streamlining effort. The firm's stagnant market share may be to blame

Nike has announced new measures to 'streamline' its organization with cuts totaling $2billion - and it might see some employees out of work.

Officials did not say whether the cost-cutting effort would include layoffs, but did say it expects to incur nearly half a billion from mostly severance costs - more than double what it forecast prior to its last mass firing.

Those firings - 700 of them - occurred in the midst of the pandemic in 2020, and were also billed as a 'streamlining' effort. Now, Nike's in the midst of a slump, as it continues to see its once dominant stranglehold on the market dwindle.

Some have blamed the dip on companies coming out of the woodwork and gaining footholds among runners and those who favor comfort, and firms like Adidas and New Balance making headway in streetwear by bringing back older models.

Nike's stagnant market share has also been connected to a lack of innovation - something CEO John Donahue said Thursday the effort would specifically work to address.

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