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| Nike to cut about 1,750 jobs worldwide |
| AP/PTI / Portland (Oregon) May 15, 2009, 08:55 IST |
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Shoe and apparel company Nike Inc said that it will cut about 1,750 jobs worldwide, or five percent of its global work force.
About 500 of the jobs lost will be at Nike's world headquarters in Beaverton, Oregon. The company did not specify what departments the cuts would be in.
Nike had announced in February that it would cut jobs as part of a realignment of its business. In March, it said it was reducing layers of management, among other organizational changes.
Like many companies, Nike has seen demand for its products slow as the global economic meltdown hurt consumer spending.
The company plans to complete the reductions in the coming weeks.
"Our new structure sharpens our consumer focus globally to drive continued growth while positioning Nike Inc competitively in today's marketplace," Chief Executive Mark Parker said in a statement.
"We remain a growth company and we know these changes have created a stronger organisation that will enable us to invest in our most significant opportunities."
The company, whose other brands include Converse, Cole Haan and Umbro, remains the industry leader.
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