Reebok is trying to get fit.
The athletic footwear brand has laid off 65 employees in Canton — about 6.5 percent of its headquarters workforce — as part of a restructuring affecting 150 positions globally.
Trying to remake itself as a fitness-focused brand, Reebok, which is owned by Germany's Adidas, recently reorganized into six units focusing on training, running, walking, studio, classics and kids. It's now eliminating its European office in Amsterdam and its Asia-Pacific office in Hong Kong, shifting the duties to Canton.
The new "global-direct" operating model and streamlining are designed to improve Reebok's speed to market and efficiency, chief operating officer Matt O'Toole said in a statement.
Reebok, which saw 25 percent and 26 percent revenue declines in the past two quarters, has been hurt by lower toning shoe sales, fraud at its India unit, the loss of a major NFL contract and the NHL lockout. In September, Adidas cut its 2015 forecast for Reebok by a third to 2 billion euros. Adidas has been trying to turn around Reebok since its $3.8 billion purchase in 2005. Reebok had good growth coming into 2010, said Christopher Sevezia, a Susquehanna Financial Group analyst. Its toning shoe business was strong, it introduced the ZigTech running and training shoe and followed with the RealFlex in spring 2011, but it's been a difficult 2012.
"There's no new product in the marketplace, and there's challenges in India," Sevezia said. "What they're trying to do is not make the business so item-driven and to broaden the appeal and the scope."
Reebok's other job cuts were in Hong Kong, Amsterdam and Barcelona, although some posts are moving to Canton, where Reebok has about 1,000 employees, a spokesman said. The 150 cuts account for 2 percent of its global headcount of 8,000.
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