Nike is laying off thousands of employees, as consumers’ ongoing financial pressures make it harder for them to justify nonessential purchases, such as adding more sneakers to their collections. The footwear company announced its decision to reduce its workforce by approximately 2%, equating to over 1,500 jobs, in a move aimed that comes amid the company’s broader restructuring plan to cut costs in the face of weakening demand for its shoes, CNBC reported Friday (Feb. 16).“This is how we will reignite our g ...

The Dow Jones Industrial Average is near record highs as the stock rally that began in spring 2023 continues. Comprised of 30 leading blue-chip stocks that are representative of the U.S. economy, the index is often referred to as the “Dow 30.” While the index might be at record levels, it has reached those heights largely due to the performance of a handful of its 30 stock components. Most companies listed on the Dow are performing poorly. In fact, despite rising 13% in 2023, the Dow’s gains trailed those o ...

Nike (NKE -2.96%) shareholders were seeing red on Friday morning. The stock was down by 4% as of noon ET compared to a 0.2% drop in the wider market, according to data provided by S&P Global Market Intelligence. That decline added to a tough period for shareholders in recent months. The footwear giant is down 20% in the past year, while the S&P 500 has soared 21%.Friday's decline was sparked by news that Nike is laying off part of its workforce, potentially reflecting further demand weakness ahead.Making mo ...

Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending.  Starting Friday, more than 1,600 positions will be cut as the company increases its investment in high priority areas such as running, women's clothing and its Jordan brand, CEO John Donahoe told employees, according to a memo seen by The Wall Street Journal. A second phase of the cuts will be completed by the end of the quarter. Employees in stores, distribution centers or on the innovation team aren't expected ...

Athletic apparel giant Nike (NYSE:NKE) is cutting 1,600 jobs, roughly 2% of its staff, as demand for its products slows down.The company hopes to cut costs by $2 billion over the next three years.Investors weren’t impressed, sending NKE stock down 1.5% overnight. Nike opened this morning at about $104.50, a market capitalization of $159 billion on 2023 revenue of $51.2 billion.Swoosh Where It IsCalling the layoffs a “painful reality,” CEO John Donahue said they would not impact store employees, store manage ...

Nike has unveiled restructuring plans which will see thousands of employees laid off after demand for its shoes has come under pressure. Some 2% of the sports retailer's global workforce, equating to 1,600 jobs will be cut, Nike revealed late on Thursday. Overall pressure on consumers through higher mortgage and rental prices is said to have hit demand for high-priced goods, in turn dampening wholesale orders for sportswear from retail outlets. The news of cuts comes after Nike laid out a three-year, US$2 b ...

Nike is cutting 2% of its current workforce, or more than 1,500 jobs, as part of a broader restructuring, the company said late Thursday.The Beaverton, Ore. based sneaker giant said it wants to better use its capital to invest in its growth areas, such as running, women's and the Jordan brand."This is how we will reignite our growth," CEO John Donahoe said in a memo obtained by CNBC."This is a painful reality and not one that I take lightly," he added. "We are not currently performing at our best, and I ult ...

Nike Inc. is reportedly looking to cut more than 1,600 jobs, as part of its plan to cut costs so it can create capacity to boost profitability and innovation.The jobs cuts won’t affect employees in stores, distribution centers or those involved in innovation, The Wall Street Journal reported late Thursday, after reviewing an employee memo.The report comes two months after the athletic shoe, apparel and accessories giant NKE, -0.26% said in its second-quarter earnings call that it was targeting $2 billion in ...

In the early 1970s, Nike (NKE -2.03%) was founded and its "swoosh" logo was unveiled. Then in the 1980s, the company signed basketball legend Michael Jordan to a marketing deal and the rest is history. Nike has grown so big and has been so successful that it's one of the most recognizable brands in the world.Likely because of its consumer mind-share, Nike is more than just a popular shoe brand -- it's also a popular stock. But this is a little surprising to me right now. The company most recently reported f ...

About this content About Leo Grieco Leo joins us with a degree in Media Production from Bournemouth University. His work includes reporting for the UK editorial team and video editing for the broadcast team. He comes with an expertise in video editing and producing. Leo’s specialities include hospitality and leisure, support services, tech and video games. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and fi ...