Nike (NKE) announces 1,400 job cuts in technology department
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowNike (NKE) announced a reduction of approximately 1,400 roles, mainly within its technology department, as part of its 'Win Now' turnaround strategy. This decision aims to reshape the technology team and modernize its Air manufacturing processes. The layoffs represent less than 2% of Nike's total global workforce and follow a previous round of 775 job cuts earlier this year. The company also projected a 20% decline in sales in China for the current quarter, indicating ongoing challenges in its recovery efforts.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About NIKE Inc. (NKE)
Nike is the world’s largest athletic footwear and apparel brand, selling through wholesale partners and a growing direct-to-consumer business.
The Consumer Discretionary sector covers retailers, automakers and leisure companies whose sales rise and fall with consumer confidence.
Earlier NKE news
- LULU Appoints New CEO: Nike Veteran Heidi O’Neill Officially Chosen
- WMT, TGT, NKE Retailers Expect $160B Tariff Refunds Starting Monday
- Nike (NKE) Insiders Buy 48,000 Shares, Increasing Investor Confidence
- Nike (NKE) Shares Appear Undervalued Amid Market Analysis
- Nike (NKE) Stock Forecast Reset: Price Target Cut to $48
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