The sports apparel goliath Nike as apparently taken a severe hit in its largest market, North America.

According to Raw Story, the losses weren’t small:

Nike reported a loss of $790 million in the quarter ending May 31, which translated to a loss of 51 cents per share compared with analyst expectations for nine cents per share in profit.

Revenues tumbled 38 percent to $6.3 billion following huge declines in sales in most of the world.

In North America, the company’s biggest operating region, revenues plunged 46 percent to $2.2 billion.

The reason behind the surprising hit was closures due to the Coronavirus. Nike reported that 90 percent of its stores were closed for around eight weeks. The damage was made lighter due to online sales which increased 75 percent during the quarter.

Bad news doesn’t come alone, however. According to Business Insider, Nike is now looking at layoffs due to the quarter’s short returns. It has yet to be detailed how much of Nike’s staff will be laid off as the company did not specify. However, Nike is claiming that the layoffs aren’t due to the coronavirus costing it a fortune, rather it’s doing so in order to restructure its “overburdened matrix.”

“These decisions are exceptionally difficult because they impact friends and colleagues at Nike,” said Nike CEO John Donahoe in an email, according to Complex. “You have my personal commitment that we will put people at the center throughout this entire process. We will support everyone impacted by this transition.”

Nike’s sales will likely continue to take a hit as various states either resume lockdowns or reinforce them, shutting down non-essential businesses and malls where many Nike stores reside.

While this is definitely bad news for Nike, it’s good news for investors who can now buy Nike’s weakened stock on the dip. It’s inevitable rise back to the top will likely please many an investor, making this the silver lining to a very dark day for the brand.