Nike to lay off 2% of global workforce

Nike Layoffs: American sportswear giant Nike has revealed plans to cut nearly 2% of its global workforce as part of cost-cutting measures and heightened competition.

The exact number of employees affected has not been disclosed, but with an estimated 83,000 employees worldwide, the layoffs will impact approximately 1600 of the total workforce.

Nike's decision comes amidst weaker sales and growing competition in the athletic footwear and apparel industry.

In December, Nike unveiled a $2 billion savings initiative spanning three years. Measures include product supply adjustments, supply chain enhancements, management streamlining, and greater automation.

Additionally, the company projected employee severance expenses of approximately $400 million to $450 million in the third quarter.

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