Puma isslashing its workforce following a sharp decline in sales. The German sports brand is cutting 900 jobs, around 13% of its global workforce. The new CEO promises a repositioning, but recovery is still a long way off.
“Became too commercial”
“The cat may have lost some of its agility, but it will learn to hunt again,” is the metaphorical message at Puma. The layoffs follow a 10.4% drop in sales in the third quarter to €1.96 billion and a net loss of more than €62 million, compared to a profit of €128 million a year earlier.
