Nike Inc. is cutting about 2% of its workforce as the athletic brand revamps global operations, part of a bid to move faster and ward off competition from Adidas AG and Under Armour Inc.
The overhaul is an attempt to speed up product development and refocus on key markets, CEO Mark Parker said on June 15. Nike had more than 70,000 jobs at the end of fiscal 2016, suggesting that the cuts could affect about 1,400 workers.
