Nike will lay off about 2% of its employees, or close to 1,700 people, as the sportswear behemoth looks to cut as much as $2 billion in costs. “The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities,” a Nike (NKE) spokesperson said in a statement Friday. In December, Nike slashed its revenue forecast and announced cost cuts amid growing concerns that consumers around the world are slowing their spending. Nike is also facing tough competition from upstart brands like Hoka and On Cloud. And Germany, the region’s biggest economy, shrank last year for the first time since the onset of the Covid-19 pandemic.

Source: CNN February 16, 2024 16:31 UTC