Nike announces to cut 2% workforce (1,600 jobs) and aims $2bn savings in 3 years via cost-cutting measures.

Nike has announced plans to cut 2% of its workforce, or about 1,600 jobs, as part of a cost-cutting initiative. The sportswear company aims to save $2 billion over the next three years through measures such as tightening product supply, improving the supply chain, reducing management layers, and increasing automation. The layoffs are not expected to impact employees in stores, distribution centers, or the innovation team.

February 16, 2024
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