Nike plans to slash over 1,600 jobs in cost-cutting drive

Sportswear giant Nike plans to reduce its workforce by about 2 per cent, 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.

The Air Jordan 1 shoe maker is using its resources to increase investment in categories like running, women's apparel and the Jordan brand, the report quoted CEO John Donahoe as saying in the memo.

Nike did not immediately respond to a Reuters request for comment.

The report comes after the company in December cut its annual revenue forecast and laid out a $2 billion cost-saving plan, blaming cautious consumer spending.

Nike had said it would incur about $400 million to $450 million in employee severance costs in the current quarter.

More from Business

Recently Played

Latest Blogs

  • PINOY BULLETIN: JUNE 02 - 06, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.

  • PINOY BULLETIN: MAY 26 - 30, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.