Under Amour to Lay Off 600 Employees Globally as Part of New Restructuring Plan

| September 10, 2020 | 0 Comments

In a United States Securities and Exchange Commission report this week, Under Armour announced it will be laying off 600 employees of its global workforce as part of a modification of its 2020 restructuring plan. According to Baltimore Business Journal, Under Armour has 2,400 employees in the Baltimore area and 14,500 employees globally.

In Baltimore and the surrounding area, Under Armour has its global headquarters campus at Tide Point in Locust Point, Building 37 in Port Covington, the UA Lighthouse at City Garage in Port Covington, distribution facilities in Curtis Bay and Sparrow’s Point, and the Under Armour Brand House store in Harbor East.

Since beginning to restructure in 2017, this is the fourth time the company has announced layoffs.

Under Armour was expecting to take on $475 million to $525 million of estimated pre-tax restructuring and related charges in its 2020 restructuring plan, which was developed prior to the COVID-19 pandemic. Last week on September 2nd, the company’s Board of Directors approved a $75-million increase to the restructuring plan, resulting in an updated 2020 restructuring plan of approximately $550 million to $600 million of total estimated pre-tax restructuring and related charges.

In the report, Under Armour said, “The Company anticipates significant long-term cost savings as a result of its 2020 restructuring plan.” 

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