Adds details from WSJ in paragraphs 2-4, background in paragraphs 6-7Feb 15 (Reuters) - Sportswear giant Nike NKE.N plans to reduce its workforce by about 2%, or more than 1,600 jobs, in a cost-cutting move, the Wall Street Journal reported on Thursday. The job cuts are expected to start on Friday, and a second phase will be completed by the end of the quarter, the report said, citing an employee memo. The layoffs are not expected to impact employees in stores and distribution centers or those in its innovation team, according to the WSJ report. (Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on Twitter;))The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source: Wall Street Journal February 16, 2024 04:47 UTC