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Nike to lay off 2% of employees, cutting more than 1,500 jobs during broad restructuring - TL;DR CNBC

Nike to lay off 2% of employees, cutting more than 1,500 jobs during broad restructuring

Publishing timestamp: 2024-02-16 09:46:03


Summary

Nike is cutting 2% of its workforce, or more than 1500 jobs, as part of a restructuring plan to save $2 billion over the next three years. The company aims to reinvest in growth areas such as running, women's, and Jordan brand. The layoffs will not affect retail employees or warehouse workers. Nike is facing challenges with a slowdown in consumer spending and competition, but CEO John Donahoe believes the company will emerge stronger.


Sentiment: MIXED

Tickers: NKE

Keywords: labor economynike incbusiness newspersonnellayoffsretail industrysportsbreaking news: businessjohn donahoe

Source: https://www.cnbc.com/2024/02/16/nike-to-lay-off-2percent-of-employees-cutting-more-than-1500-jobs.html


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