Nike to slash 1,400 jobs, cut sneaker styles in shakeup
By Associated Press
NEW YORK (AP) - Nike wants to be more nimble on its feet and sell more shoes directly to customers online as part of a restructuring in which it plans to cut about 1,400 jobs and reduce the number of sneaker styles it offers by a quarter.
The company announced several changes to its business structure Thursday, saying the moves will help it offer more products to customers faster.
Nike, which is based in Beaverton, Oregon, says the jobs cuts represent about 2 percent of its 70,000 employees around the world.
It also says a main focus will be the 12 key cities in 10 countries that it expects to represent more than 80 percent of its projected growth through 2020.
Shares of Nike Inc. fell more than 2 percent to $53.35 on Thursday.
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