Under Armour to lay off employees as part of restructuring plan

Under Armour is initiating a restructuring plan that includes layoffs and a refocus on its core men's apparel business, as announced by the returning CEO, Kevin Plank. The company plans to incur $7 million to $15 million in severance costs. This strategy aims to address recent losses and a decline in brand perception, with revenue falling 5% globally and 10% in North America in the last quarter.