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Nike to cut 2 percent of workforce, eliminate shoe styles


By Siddharth CavaleREUTERS - Nike Inc said on Thursday it would cut about 2 percent of its global workforce and eliminate a quarter of its shoe styles as it looks to become nimbler in the face of intensifying competition and fast-changing consumer trends.Nike said it would reduce the number of its business segments to four from six as part of the initiative, being rolled out at a time the company is battling for market share in North America with a resurgent Adidas AG and a fast-growing Under Armour Inc.Shares of the world's No.1 shoemaker were down 2.7 percent at $53.59 in early trading, ...

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First Published: Thu, June 15 2017. 21:38 IST