Nike, in a quiet period ahead of its Q2 earnings announcement on Dec. 21, may be quietly preparing for a broad restructuring, according to recent published reports. In recent weeks, the company has laid off staff in a variety of departments, including sourcing, digital products, innovation, and human resources, reported The Oregonian newspaper citing LinkedIn posts and current and former Swoosh employees. Nike has not publicly commented on its recent headcount reduction efforts but will be required to notify the state of Oregon if it plans to jettison 500 staffers over a 90-day period. Approximately 14 percent of the company’s global workforce is based at the company’s Beaverton, OR campus.

Nike shares have risen 32 percent since Sept. 25 to close at $118.61 yesterday, the day after Citi raised its rating on the stock to “buy” from “neutral” citing favorable benefits from leaner inventory, fewer promotions, more Direct-To-Consumer sales, and a larger innovation pipeline ahead of the 2024 Summer Olympics in Paris.