Nike To Cut 2%, Or 1,600 Jobs

NEW YORK (AP) — Nike is cutting 2% of its global workforce, or a little over 1,600 jobs, as the athletic wear giant aims to cut costs and reinvests its savings into what it sees as big growth areas like sport, health and wellness.

The Beaverton, Oregon-based brand joins a growing number of companies including Estee Lauder and Levi Strauss & Co. that have announced job cuts in recent weeks.

In December, Nike reduced its annual sales outlook for the fiscal year after reporting second-quarter sales results that fell short of company expectations.

The Wall Street Journal’s website was first to report the cuts.