The layoffs need to happen by the end of Q3 (February).
My guess is Feb 9 and 16 will be the big days.
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It has to be done in February. It’s the week of the 19th. Then the next qtr begins its own layoff journey.
Layoffs will definitely be zoom so on a Friday or work from home period.
They’ll send a message out to management the week before telling everyone that 2/19 is a WFH week. All layoffs will be via Zoom.
It will not be Feb 19th. That would imply in person cuts and they don’t have the stomach for that. It will likely be in March and April. Only the accrual gets booked in q4.
The disclaimer to the second quarter results release will get them off the hook for however long this drags out.
"The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the risk that NIKE is not able to identify opportunities to deliver anticipated cost savings, risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the enterprise initiative, which is subject to change as NIKE refines the estimate over time, risks related to any delays in the timing for implementing the initiative or potential disruptions to NIKE’s business or operations as it executes on the initiative, and other factors that may cause NIKE to be unable to achieve the expected benefits of the initiative, as well as the risks and uncertainties detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K."
Feb 19. That’s going around.
You sounded fairly confident/ knowledgeable that something big is happening the week of Feb 19 @1wji… is this just postulation, or do you actually have some inside information? That would actually jive with the fact that our quarterly planning (maybe a thousand of us?) was moved forward (not back!) to the week of Feb 12… I found this exceptionally curious. Not buying that they were seriously worried about contention with the Presidents Day holiday which Nike doesn’t even celebrate. Sounds rather like they’re trying to free up that week.
my guess = I don't know, but I am ging to make sh-t up anyway.
Why does everyone care about Nike “keeping them in the dark”. It seems like there have been multiple layoffs over the last year and years actually, so it just seems like more of a constant norm.
Not sure why any announcement on when will make a difference given it will probably start again a few months later.
Just Do It!
Just curious: what positions are like totally work from home?
No major changes will be made until May. This is going to drag out unfortunately.
It’s the week of February 19th.
Lads no one cares about accounting semantics. We just want to know when it’s happening and why the details haven’t made their way to this board. Normally we can rely on HR being a leaky ship.
Who gives a sh-t? Let's focus on how fu---d up it is they keep us in the dark for so long.
It’s not cash based accounting. It’s accrual accounting. If the process is in motion that’s enough to book the charge. The last part of the process is telling the affected employee. Before that papers are drafted, new org charts are generated and investors are informed. The process has clearly started based on all the VP retirement notices. They didn’t retire. They were fired with fat packages.
Its not cheating the books. Whether a company is obligated to immediately follow through on a layoff after taking a charge depends on several factors, including:
Accounting standards: Generally Accepted Accounting Principles (GAAP) dictate how companies account for restructuring charges, including layoffs. Under GAAP, companies can take a charge if they have a "constructive obligation" to lay off employees. This means that the layoff decision has been communicated to the affected employees and is "probable, imminent, and identifiable."
Employment laws: Local and national employment laws can also play a role. Certain jurisdictions may require companies to provide advance notice or severance packages to employees before a layoff is implemented. Additionally, some laws may restrict companies from taking a charge unless the layoffs are actually carried out.
Company policies: The company's own internal policies and procedures may also determine the timing of layoffs. For example, the company may have a set timetable for implementing layoffs, or they may wait until specific conditions are met (such as finding replacement employees or completing certain projects).
Therefore, there's no simple yes or no answer to your question. Whether a company is obligated to immediately execute a layoff after taking a charge depends on the specific circumstances, including accounting standards, employment laws, and company policies.
They can't cheat the books and make the expense before they spend the money. It will happen before the end of the quarter like they said.
I actually can’t believe the details haven’t been leaked. Normally this page has the details months in advance. Have they taken the HRBPs’ children hostage or something?
What is the obsession with communicating layoffs then taking months to execute? They did this last time and it was the most poorly executed layoffs. I’d rather them keep it secret and getting it over with then leaving everyone in limbo for months.
They just need to book the accrual in q3. The layoff can take place in q4. Agree that remotes will be first to go along with higher ups.
I think it will be March and they’ll start with remote employees. Right now remote employees can stretch their time between PTO, the 4 remote work weeks and being in person every few weeks but the PTO and remote weeks will run out eventually. That’s where they’ll start.
They actually don't have to happen by end of Q3. The fiscal obligation is to take the charge disclosed to shareholders in the earnings call in our financials in Q3 per our statement and account for it. But, the actual layoffs can occur after that. That doesn't mean they won't happen this qtr but it does mean they don't have to happen this qtr.
First two weeks of February work from home
All communication will be virtual