Nike to cut thousands of jobs as demand pressured

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 ...