The company had already cut 500 roles worldwide this year as part of a cost-cutting program announced in March.

Puma said it would expand the program, as it attempts to turn around its performance under new Chief Executive, Arthur Hoeld. Shrinking market share and tepid demand for the brand’s shoes and outfits, as well as a sector-wide hit from United States tariffs on imports, have led Puma to warn of an annual loss at the end of July.

Shares in the company have lost over 50% of their value so far this year. The company said it had already reduced undesired wholesale business, excess inventory at retailers, and promotions in e-commerce and full-price stores, as well as starting to cut exposure to mass merchants in North America.

It also plans to clean up its distribution and carry out targeted marketing investments, it added.

–Reuters–