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Nike wants to be more nimble on its feet.
The sneaker maker said today that it plans to sell more shoes directly to customers online as part of a restructuring in which it plans to cut about 1,400 jobs. It will also reduce the number of sneaker and clothing styles it makes by a quarter and focus on hot sellers.
Nike said the moves will help it offer more products to customers faster. "We're getting even more aggressive in the digital marketplace," said CEO Mark Parker.
The company said a main focus will be the 12 key cities in 10 countries that it expects to represent more than 80 percent of its projected growth through 2020. It also said it will make its apps, where shoppers can find and buy sneakers, available in more countries.
Nike, which is based in Beaverton, Oregon, said the jobs cuts represent about 2 percent of its 70,000 employees around the world. It declined to provide additional details about the cuts.
Shares of Nike Inc. Fell nearly 3 percent to $53.06 in midday trading.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)