Nike Cutting About 2% of Workforce as It Revamps Operations
- Athletic brand plans to refocus efforts on 12 key cities
- Nike aiming to speed up product development with changes
Nike to Cut 2% of Workforce in Operational Revamp
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Nike Inc. is cutting about 2 percent of its workforce as the athletic brand revamps global operations, part of a bid to move faster and ward off competition from Adidas AG and Under Armour Inc.
The overhaul is an attempt to speed up product development and refocus on key markets, Chief Executive Officer Mark Parker said in a statement Thursday. Nike had more than 70,000 jobs at the end of fiscal 2016, suggesting that the cuts could affect about 1,400 workers.