Higher freight costs and lower consumer buying power could hit retailers in the coming months.
Nike is laying off approximately 740 employees, while Lululemon is trimming a little over 128 jobs as it shutters a distribution center.
The "second phase of impacts" would begin by June 28 at its headquarters, Michele Adams, Nike's vice president for people solutions, said in a legally mandated notice to state authorities. Nike had in December announced a cost savings plan for $2 billion over the next three years, and in February said it would cut about 2% of its total workforce, or more than 1,600 roles. It had about 83,700 employees as of May 31, 2023.