UNDER ARMOUR TO CUT 3% OF JOBS IN RESTRUCTURING

Under Armour plans to cut about 3 percent of its workforce as the athletic apparel company continues restructuring its global operations to become more efficient. The company said Thursday it will set aside $10 million to cover cash severance costs associated with the job cuts. The cuts affect “roughly” 400 employees, an Under Armour spokeswoman said in an email. Based on its annual report, Under Armour had a global workforce of 15,800 employees as of Dec. 31.