Nike Layoffs 2024: What to Know About the Latest Job Cuts

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 ...