Nike Initiates Workforce Reduction: Over 1,600 Jobs Affected in Cost-Cutting Measure

Athletic apparel giant Nike has officially commenced layoffs, revealing plans to reduce its workforce by two percent, translating to over 1,600 jobs. The move is part of a broader cost-cutting initiative announced by the company in December, aiming to address challenges arising from sluggish consumer spending.

The first wave of layoffs has already begun, marking a significant development for the Oregon-based company. Nike's decision to streamline its workforce is a response to the economic landscape, necessitating strategic adjustments to ensure sustained financial stability.

In December, Nike. . .