Nike to lay off about 1% of corporate staff in its latest effort to refocus the business

Core Viewpoint - Nike is undergoing a realignment under CEO Elliott Hill, which includes another round of layoffs aimed at refocusing the business on sports and innovation, impacting less than 1% of corporate staff [1][2][5]. Group 1: Layoffs and Restructuring - The latest layoffs are part of a broader restructuring effort, following a previous announcement in February to cut 2% of staff, equating to over 1,500 jobs [2][5]. - Staff will be informed about their job status by September 8, with new roles taking effect on September 21 [5]. Group 2: Strategic Focus - The company is shifting back to a structure focused on sports and culture, moving away from the previous segmentation by gender [3][4]. - Hill's vision includes creating "sport-obsessed teams" to drive innovation across Nike, Jordan, and Converse brands [7]. Group 3: Financial Outlook - Nike anticipates that sales and profit declines will moderate in upcoming quarters, suggesting that the worst may be behind them [6].