Sportswear giant Nike plans to reduce its workforce by about 2 per cent, or more than 1,600 jobs, in a cost-cutting move, the Wall Street Journal reported on Thursday.
The job cuts are expected to start on Friday, and a second phase will be completed by the end of the quarter, the report said, citing an employee memo.
The layoffs are not expected to impact employees in stores and distribution centers or those in its innovation team, according to the WSJ report.
The Air Jordan 1 shoe maker is using its resources to increase investment in categories like running, women's apparel and the Jordan brand, the report quoted CEO John Donahoe as saying in the memo.
Nike did not immediately respond to a Reuters request for comment.
The report comes after the company in December cut its annual revenue forecast and laid out a $2 billion cost-saving plan, blaming cautious consumer spending.
Nike had said it would incur about $400 million to $450 million in employee severance costs in the current quarter.
DP World attracts over AED 854 million in investments at Jafza
OpenAI defeats Elon Musk's lawsuit, removes obstacle to IPO
Dubai Holding announces Microsoft collaboration ahead of major AI shift
Abu Dhabi Ports Group awarded AED735 million container terminal contracts
