Under Armour CEO Kevin Plank needs to spend long weekends at his thoroughbred horse breeding farm in steeplechase country in upper Baltimore County to reflect on what has happened to the sportswear company over the past decade. Once a star of the apparel industry, UA is now undergoing a restructuring as its share price plunged to 2010 levels. 

Let's skip the fourth quarter fiscal 2024 report and focus on the restructuring plan and the dismal outlook for the year. 

UA's Board of Directors approved a restructuring plan estimated to cost about $70 million to $90 million - including employee severance and benefits costs. 

This year's fiscal outlook is beyond bleak and outright horrible, with demand expected to implode across the North American segment.

Here are the highlights of the outlook:

Plank commented on the outlook: 

"Due to a confluence of factors, including lower wholesale channel demand and inconsistent execution across our business, we are seizing this critical moment to make proactive decisions to build a premium positioning for our brand, which will pressure our top and bottom line in the near term.

"Over the next 18 months, there is a significant opportunity to reconstitute Under Armour's brand strength through achieving more, by doing less and focusing on our core fundamentals: driving demand through better products and storytelling, running smarter plays like simplifying our operating model and elevating our consumer experience. In parallel, we're focused on cost management and implementing the strategies necessary to grow our brand and improve shareholder value as we move forward."

And, of course, to ensure the company's stock doesn't go to zero, the Board of Directors authorized the repurchase of up to $500 million of UA's outstanding Class C common stock. 

Shares initially opened at 2010 lows.

...have since found a panic bid on the buyback announcement. 

Sigh, Plank.