Under Armour Inc (NYSE: UAA) disclosed:

On April 3, 2020, Under Armour, Inc. (“Under Armour”, or the “Company”) announced a 2020 restructuring plan outlining its expectations of incurring approximately $475 million to $525 million of estimated pre-tax restructuring and related charges during 2020. As previously disclosed, this restructuring plan was developed prior to the Company assessing the potential impacts of the COVID-19 pandemic and the Company stated that it would continue to evaluate necessary actions in response to the pandemic.

After further review, the Company has identified further opportunities and on September 2, 2020, the Company’s Board of Directors approved a $75 million increase to the restructuring plan, resulting in an updated 2020 restructuring plan of approximately $550 million to $600 million of total estimated pre-tax restructuring and related charges. The Company anticipates that these additional restructuring and related charges will include up to:

• Approximately $60 million of additional cash charges, consisting of up to: $40 million in contract termination and other restructuring costs, $15 million in facility and lease termination costs, and $5 million in employee severance and benefit costs; and
• Approximately $15 million of additional non-cash charges, consisting of intangibles and other asset related impairments.

Following these increases, within the updated approximately $550 million to $600 million of total estimated pre-tax restructuring and related charges, the Company now expects to incur up to:

• Approximately $235 million of cash charges including up to approximately $135 million of contract termination and other restructuring costs, $70 million of facility and lease termination costs, and $30 million in employee severance and benefit costs related to a reduction of approximately 600 employees primarily in its global corporate workforce; and,
• Approximately $365 million of non-cash charges consisting of a $291 million impairment related to its New York City flagship retail store recognized during the three months ended March 31, 2020, and up to approximately $74 million of intangibles and other asset related impairments.

The Company currently anticipates that the majority of the remaining restructuring and related charges will occur by the end of 2020. Through the six months ended June 30, 2020, the Company had incurred approximately $340 million in restructuring and related charges ($326 million in non-cash and $14 million in cash related charges). The Company anticipates significant long-term cost savings as a result of its 2020 restructuring plan. Given the timing of this announcement within the current fiscal year and expected timing of the realization of additional benefits, the Company continues to expect approximately $40 million to $60 million in pre-tax benefits during 2020.