Nike to cut about 1,750 jobs worldwide
Nike Inc., the leading shoe and apparel company, has announced its plans to lay off about 1,750 jobs worldwide. This amounts to about five percent of its global work force.
The company did not specify what departments the cuts would be in. however, out of the 1750, about 500 would be laid off at the Nike’s world headquarters in Beaverton, Oregon.
The company, like many others has seen a slump in demand and consequent ales across the globe owing to the global economic slowdown and change in consumer spending.
In the official statement from the company, Chief Executive Mark Parker, said “Our new structure sharpens our consumer focus globally to drive continued growth while positioning Nike Inc competitively in today’s marketplace.”
He further added, “We remain a growth company and we know these changes have created a stronger organization that will enable us to invest in our most significant opportunities.”
The recession has taken a toll on almost all the major brands in various sectors of the market, forcing the companies to lay off staff and cut down production.
