Under Armour is laying off workers as retailer says North America sales will plunge this year

Under Armour announced a broad restructuring plan, including layoffs, as it faces a 10% drop in North America sales, with expectations of a further decline throughout the fiscal year. The company's profits also plummeted by over 96% in the fourth fiscal quarter. The cost of restructuring is estimated between $70 million and $90 million, partly covering severance for affected employees. Founder and CEO Kevin Plank attributed the downturn to multiple factors, including reduced demand and inconsistent business execution.