Under Armour is in trouble.

While similar sports retailers like Nike and Adidas are also posting slumping sales amid the impact of the coronavirus pandemic, Under Armour was already sputtering well before the outbreak. Recently, things have only gotten worse.

The Maryland-based sportswear retailer said Tuesday that it will lay off 600 people, according to a memo from CEO Patrik Frisk obtained by Business Insider.

In May, the company said it was working to extend payment terms for its athletes as a measure to cut costs amid declining sales. The company later announced in June it would be terminating its partnership with UCLA — a $280 million deal signed in 2016 that was originally intended to span 15 years. In a statement to Fox Business, the company said it had not received all of the marketing benefits "for an extended time period" that it had paid for.

The pandemic, however, does not represent Under Armour's only rough patch in recent memory.

Longtime CEO Kevin Plank stepped down from his role last fall. Under Armour announced that Plank, who founded the company in 1996, would become executive chairman and brand chief while his CEO duties would be taken on by COO Patrik Frisk. The company then disclosed in November 2019 that it was under federal investigation over its accounting practices.

Going back further to 2018, Under Armour's leftover inventory had grown by 11% to $1.3 billion in the second quarter. That same year, Under Armour executives were also embroiled in a scandal that involved going to strip clubs on the company's dime, a practice that was officially banned for months, The Wall Street Journal reported.

Under Armour announced a turnaround plan to revive the brand with younger consumers in December 2018. In a press release, the company said Stephanie Pugliese would take over the role of president of Under Armour North America as part of a strategy to further establish the presence of the brand in its home market.

Under Armour wasn't always the trouble-stricken brand that it is today. It once seemed poised to overtake the sportswear market in what seemed like a true Cinderella story.

From its rise to a once-$15 billion athletic-apparel empire to its eventual slow decline, here is the complete story of Under Armour so far.

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