Nike to Cut 2% of Workers as Sportswear Giant Seeks Savings
- Firm previously said it was looking for $2 billion in savings
- Memo says cuts to occur in two phases, starting on Friday
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Nike Inc. shares fell as much as 4% after the sportswear giant said it will slash its global workforce by about 2%, pushing to reduce costs to counter a weaker sales outlook and growing competition.
The Oregon-based firm didn’t provide the number of workers that will be affected, though it currently has about 83,700 employees worldwide.