Nissan is doing worse than expected in the U.S., and its North American chairman is taking steps to cut costs across the company, slashing employee travel expenses and putting the entire U.S. organization on two days of unpaid furlough next month.

"While we've made some positive progress, Nissan's performance has fallen short of our expectations," Nissan North America Chairman Jose Valls said in a memo to employees this week that was obtained by Automotive News.

Valls said in the memo that Nissan will cut employee travel expenses by half "effective immediately."

The company also will remain closed for two days after the New Year's holiday, with employees forgoing pay Jan. 2 and Jan. 3.

Valls informed Nissan employees that the move will translate to a 9.2 percent pay cut in January for those paid monthly. Employees paid biweekly will not be paid for those two days.

The mandatory closure will affect all of Nissan's U.S. operations, including the automaker's headquarters in suburban Nashville and assembly plants in Smyrna and Decherd, Tenn., and Canton, Miss. Luxury unit Infiniti and the company's finance arm, Nissan Motor Acceptance Corp., are included in the cost cutting.

Nissan also operates a large engineering center in Farmington Hills, Mich., a design studio in San Diego and various other offices around the country.

"I realize this news may be unsettling and that it will affect your personal lives and families," Valls said in the memo.

Nissan declined to make an executive available for an interview, but a spokeswoman said no layoffs are planned at this time.