Of course that layoffs are the first step to take, even if the company is suffering much, much deeper problems that need to be addressed. But we all know that no matter where and no matter how much it is their doing, management will not be the one to pay the price.
https://www.fool.com/investing/2017/06/22/are-layoffs-the-first-step-in-nike-incs-big-revamp.aspx