Loading...

Nike to slash jobs, cut sneaker styles in shakeup

Jun 18 2017 12:45

New York - Nike wants to be more nimble on its feet. The sneaker maker said that it plans to sell more shoes directly to customers online as part of a restructuring in which it plans to cut about 1 400 jobs.

It will also reduce the number of sneaker and clothing styles it makes by a quarter and focus on hot sellers.

Nike said the moves will help it offer more products to customers faster. "We're getting even more aggressive in the digital marketplace," said CEO Mark Parker.

The company said a main focus will be the 12 key cities in 10 countries that it expects to represent more than 80 percent of its projected growth through 2020. It also said it will make its apps, where shoppers can find and buy sneakers, available in more countries.

Nike, which is based in Beaverton, Oregon, said the jobs cuts represent about 2% of its 70 000 employees around the world. It declined to provide additional details about the cuts.

Read Fin24's top stories trending on Twitter:

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Steinhoff scandal is a:

Previous results · Suggest a vote

Loading...