BEAVERTON, OR (BRAIN)—Nike will begin restructuring its business, which could mean up to 4 percent (1,400 employees) in workforce reductions.
"The power of the Nike brand and the diversity of the Nike portfolio continue to be a competitive strength," said Mark Parker, president and chief executive officer of Nike. “In light of the current economic climate, it is more essential than ever to sharpen our focus on the consumer to maximize opportunities for product innovation and brand management in the marketplace. The decision to reduce our workforce is a difficult one, but it will put our business in the strongest position possible to continue to deliver long-term profitability and growth.”
According to a press release issued on the company's Web site, Nike anticipates completing a review of its organization by the end of the current fiscal year.
"The exact number, timing and location of positions expected to be eliminated will not be known until the review is completed and employee representative bodies have been consulted within accordance with local legal requirements," the release stated.
