Nike to Cut Jobs as It Combats Sneaker Slump

By Sara Germano Features Dow Jones Newswires

Nike Inc. is cutting more than 1,000 global jobs as part of a restructuring to help the sneaker giant battle slowing sales.

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The company said Thursday that the layoffs would affect 2% of its global workforce. The Beaverton, Ore., company employed more than 70,000 around the world as of last May, including retail staff.

Nike said the changes were part of a strategy to focus on key markets, digital sales and fewer products. In recent quarters, the company has reported slowing future orders for its products in its North America market.

"We're getting even more aggressive in the digital marketplace, targeting key markets and delivering product faster than ever," CEO Mark Parker said.

Write to Sara Germano at sara.germano@wsj.com

(END) Dow Jones Newswires

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June 15, 2017 10:02 ET (14:02 GMT)