News
Nike Cuts Jobs as Restructuring Deepens Market Pressure
Liberty Check
- Nike is cutting nearly 1,400 jobs, or about 2% of its global workforce.
- The layoffs target Global Operations across North America, Europe, and Asia.
- Weak earnings and rising competition are driving the company’s restructuring push.
Nike is slashing nearly 1,400 positions across its global workforce as the company struggles to maintain its once-dominant market position.
This restructuring focuses on Global Operations in North America, Europe, and Asia in a bid to improve efficiency.
Chief Operating Officer Venkatesh Alagirisamy informed staff that these cuts are necessary to streamline the company’s foundation.
He said the move is designed to simplify operations and accelerate the pace of business.
The footwear giant has seen its stock value plummet by over half in the last three years.
Competitors continue to seize market share as Nike’s net income dropped significantly in the most recent fiscal quarter.
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