US sportswear major Nike plans to slash 1600 employees

US sportswear large Nike is planning to lay off 1,600 individuals, which includes two % of its workforce, media reviews stated.

According to reviews, the corporate is planning the transfer to reduce prices.

Nike Chief Executive John Donahoe stated the corporate is utilizing its assets to enhance funding in classes like working, girls’s attire and the Jordan model, in accordance to an worker memo reviewed by The Wall Street Journal.

According to reviews, the layoffs should not anticipated to have an effect on employees in shops and distribution facilities or these in its innovation crew.

The firm reportedly had 83,700 employees as of May 31.

“This is a painful actuality and never one which I take flippantly. We should not at the moment acting at our greatest, and I in the end maintain myself and my management crew accountable,” Donahoe stated within the memo.

Nike is likely one of the world market leaders within the manufacturing of sportswear, footwear and equipment.

It was based in 1964 and is headquartered in Beaverton, Oregon, the United States.