Sept. 20 (UPI) -- Sportswear company Under Armour announced Thursday it plans to cut 3 percent of its global workforce as part of a restructuring plan.
The company said in a statement the plan will cost more than first expected.
UA now projects restructuring costs of $200-$220 million, up from previously expected costs in the $190-$210 million range.
It's unclear exactly how many workers will be affected by the layoffs.
"Following further evaluation, the company has identified approximately $10 million of cash severance charges related to an approximate 3 percent reduction in its global workforce," the UA statement said.
The restructuring plan came as Under Armour faces slipping sales in North America.
Meanwhile, UA competitor Nike is enjoying a resurgence in its stock value this year. So far it's up 35 percent, The Wall Street Journal reported.
Nike shares fell more than 3 percent but they have rebounded dramatically since the campaign started.
Apex Marketing Group estimates the ads' value at more than $163 million, Bloomberg reported.
"I thought Nike would have problems with the Kaepernick situation. I was wrong," said Eric Aanes, president and founder of Titus Wealth Management. "Their edgy marketing appeared to pay off for them."
Although there's concern e-commerce could hurt sportswear companies like Nike and UA, other companies have managed stock market gains this year -- including Adidas in Europe (25 percent) and Puma (18 percent).