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Sportswear Giant Nike Announces 1,600 Job Cuts for Cost Savings

 

Oregon-based Nike Inc. is set to reduce its global workforce by approximately 2%, equivalent to over 1,600 jobs, as part of its strategic initiative to cut costs in response to a challenging sales outlook and heightened competition in the sportswear market.

Although Nike has not specified the number of affected employees, the company currently employs around 83,700 people globally. In a statement, Nike emphasized that these actions are geared towards optimizing the organization to capitalize on significant growth opportunities amid robust interest in sports, health, and wellness.

This workforce reduction comes on the heels of Nike's December announcement outlining plans to achieve up to $2 billion in cost savings. The measures include streamlining its product lineup and trimming the workforce, aiming to navigate the impact of consumer caution on sales.

The initial announcement in December led to a decline in Nike's shares, which have struggled to recover and remain down by approximately 2% this year.

According to a Nike memo reported by Bloomberg News, the job cuts will be implemented in two phases. The first phase is scheduled to commence on Friday and extend into the following week, with the second phase expected to be completed by the end of the company's fourth quarter.

Earlier reports by Willamette Week in the US had hinted at the planned 2% job cuts. The overall objective of these strategic moves is to position Nike for sustained growth by aligning its operations with evolving market dynamics and economic challenges.

Feb. 16, 2024 12:50 p.m. 2204

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