Nike plans to lay off 740 employees at its Oregon headquarters before June 28.

According to USA TODAY, the sports retailer notified state and local officials about the workforce reduction at its Beaverton, Oregon headquarters in a notice mandated by the Worker Adjustment and Retraining Notification Act on April 26.

Nike “will be permanently reducing its workforce at its World Headquarters” in a round of cuts that will begin by June 28, wrote Nike vice president Michele Adams in the notice, first reported by Reuters and Oregon Public Broadcasting.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” the company said in a statement to USA TODAY. “While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

According to USA TODAY, the reductions are part of a three-year plan to cut $2 billion in costs Nike announced last year.