Nike Layoffs Point to Economic Pressures on Retail Spending

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 ...