Nike Cuts 2% Of Global Workforce As Demand Weakens

(MENAFN- Baystreet) Gentherm Dips Despite Award

  • These Stocks Are Moving Nearly 20% Today
  • Post-Earnings Trades Today: Draft Kings, Coinbase, and Deere
  • Friday's Must-Read: Bezos Sells $6 Billion and More
  • Friday Warning: Twilio, Fastly, and Barrick Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staf - Friday, February 16, 2024

    Nike Cuts 2% Of Global Workforce As Demand Weakens

    Sneaker and athletic wear giant Nike (NKE) has announced plans to cut 2% of its global workforce, or more than 1,600 jobs, to lower expenses amid weak demand.

    Nike previously warned that retailers are lowering their orders for its sneakers and athletic apparel through wholesale channels, and that it continues to be impacted by the economic slowdown in China, its second largest sales market.

    Nike has also lost ground to upstart brands such as Decker Outdoors' (DECK) Hoka running shoes.

    Last December, Nike announced a $2 billion U.S. cost savings plan over the next three years as it reported disappointing earnings.

    The cost cuts include reducing management positions and about $450 million U.S. in employee severance costs.

    Nike had 83,700 employees last summer.

    Nike's stock has declined 15% over the past 12 months to trade at $106.05 U.S. per share.

    • About Us
    • Contact Us
    • Advertise
    • License Our Content
    • Jobs
    • Disclaimer
    • Privacy Policy

    Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks


  • Legal Disclaimer:
    MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.