Dick’s Sporting Goods, the largest U.S. sporting goods retailer, has laid off 250 corporate employees, or about 5% of its workforce, as part of a cost-cutting move amid slowing sales growth.
The layoffs, which were announced on Thursday, are part of a broader restructuring plan that the company has been working on for the past several months. The plan includes closing underperforming stores, cutting costs, and investing in e-commerce.
Dick’s Sporting Goods has been facing challenges in recent years due to increased competition from online retailers such as Amazon.com Inc. and Walmart Inc. The company has also been hurt by the decline in sales of firearms, which have been a key part of its business.
In an effort to address these challenges, Dick’s Sporting Goods has been investing heavily in its e-commerce business. The company has also been expanding its assortment of products and services, including fitness apparel and equipment, outdoor gear, and team sports equipment.
The layoffs are a sign that Dick’s Sporting Goods is taking a proactive approach to addressing the challenges it faces. The company is hoping that the cost-cutting measures and other restructuring initiatives will help it to improve its profitability and long-term growth prospects.
Dick’s Sporting Goods is a publicly traded company with a market capitalization of approximately $6 billion. The company operates over 700 stores in the United States and Canada. It employs over 45,000 people.
The layoffs are expected to result in charges of approximately $10 million to $15 million in the fourth quarter of fiscal 2023. The company expects to save approximately $25 million to $30 million annually as a result of the layoffs.
Dick’s Sporting Goods is committed to providing its customers with the best possible shopping experience. The company is confident that the restructuring plan will help it to achieve this goal and to continue to be a leader in the sporting goods industry..
