Nike
Nike plans to slash 1600 employees
US sportswear giant Nike is planning to slash 1,600 people, which comprises 2 percent of its workforce, media reports said.
According to reports, the company is planning the move to cut costs.
Nike Chief Executive John Donahoe said the company is using its resources to increase investment in categories like running, women’s apparel and the Jordan brand, according to an employee memo reviewed by The Wall Street Journal.
According to reports, the layoffs are not expected to affect employees in stores and distribution centers or those in its innovation team.
The company reported had 83,700 employees as of May 31.
“This is a painful reality and not one that I take lightly. We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable,” Donahoe said in the memo.
Nike is one of the world market leaders in the production of sportswear, footwear and accessories.
It was founded in 1964 and is headquartered in Beaverton, Oregon, the United States.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
