They got rid of the people who make or save most of the money. Why? Because when it breaks they can say “see how bad it was and we exposed it…good thing we were here to fix it” as a way to continue to self promote and buy more tenure and money. It’s a playbook commonly used.
Then, when the time comes they cannot produce, they will leave and the problem becomes someone else’s issue. That or they have to hire back the people or roles. When you remove the people who were most important to your success you get where Nike is today. Just wait until spend increases and there are no people or vendor spend left to cut.