Friday, Apr 19 2024 | Time 18:37 Hrs(IST)
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Nike planning to lay off over 1,600 workers to cut costs - Reports

Moscow, Feb 16 (UNI) US sportswear giant Nike is planning to cut over 1,600 of its workers, equivalent to 2% of the company's staff, in an attempt to decrease costs, The Wall Street Journal reported on Friday, citing an employee memo.
The mass firing process will be launched on Friday, while its second stage will be finalized by the end of March, the memo was cited as saying by the newspaper. At the same time, employees in stores, distribution centers and in the innovation department are unlikely to face termination, the report said.
"This is a painful reality and not one that I take lightly. We are not currently performing at our best, and I ultimately hold myself and my leadership team accountable," Nike Chief Executive John Donahoe was quoted by the newspaper as saying in the memo.
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