Nike (NKE) plans corporate job cuts in turnaround strategy

Nike (NKE) plans to cut less than 1% of its corporate workforce under CEO Elliott Hill’s turnaround strategy. The company is focusing on running shoes and sneakers while expanding its physical store presence. Nike (NKE) had 77,800 worldwide employees as of May 31, with layoffs not affecting EMEA and Converse businesses.

Hill announced plans to realign the company into cross-functional teams by sport, aiming to connect more deeply with athletes and consumers. Previous job cuts in February 2020 reduced expenses by 2%, impacting over 1,600 jobs. Nike (NKE) is also reducing its reliance on production in China to mitigate import tariff impacts on the U.S. market.