Under Armour to close warehouse as part of increased cost-cutting

Under Armour Inc. is closing a 1.2 million-square-foot California distribution center as the company doubles down on its cost-cutting measures. The Baltimore-based sportswear maker announced late Monday it will close its Rialto, California facility by 2026 as part of an updated restructuring plan. CEO Kevin Plank announced in May that Under Armour (NYSE: UAA) would lay off employees and cut costs as part of a plan initially expected to cost the company $70 million to $90 million.