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Sunday, June 16, 2024

NFL-Backed NOBULL Cuts 35% of Its Workforce

  • Company is latest fitness brand to lay off workers.
  • NFL invested in NOBULL via its 32 Equity arm in December.
Kirby Lee-USA TODAY Sports

Performance apparel brand NOBULL is the latest fitness company to trigger layoffs.

NOBULL confirmed to Footwear News that cuts were made. The company’s founders cited “the challenging economic climate” and a desire to “safeguard the brand for the future.”

The total number of employees impacted was about 75, according to The Barbell Spin, representing about 35% of the company’s workforce. The cuts came after NOBULL CMO Todd Meleney, the company’s first employee, resigned at the beginning of May.

In December, the Boston-based company received backing from the NFL’s investment arm, 32 Equity, adding to funding that valued NOBULL at $500 million in 2021.

NOBULL became the presenting sponsor of the NFL Scouting Combine this year, replacing Rebook. The brand also sponsors the CrossFit Games and works with the PGA Tour and Patriots QB Mac Jones.

In the last 12 months, layoffs have impacted a number of sports and fitness companies, including Peloton, WHOOP, and Tonal, while Amazon shut down its fitness wearable product line.

Several Nike employees reported being laid off in March, but the company didn’t confirm or comment on any such moves.

It’s unclear what the layoffs mean for NOBULL’s immediate future in the direct-to-consumer retail space. The brand has been popular on Instagram and appeared to maintain an upward trajectory before these layoffs.

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