Nike's COO Announces 1400 Job Cuts, Focuses on Running & Soccer

Nikes COO Announces Global Job Cuts, Focuses on Running and Soccer; Shares Slip Nikes COO, Venkatesh Alagirisamy, has announced a global job cut of 1,400 positions, primarily in technology roles. The cuts, which total 1.9% of the workforce, are part of a larger restructuring effort to merge supply chains, consolidate tech work, and shift some Converse manufacturing. This is Nikes second round of layoffs this year, following a similar cut in February 2024. Despite the restructuring, Nikes sales are expected to decline by 2-4% in the current quarter, with Chinas sales dropping by 20%. Analysts warn that these cuts may indicate deeper issues from past overstaffing, particularly in tech. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a71156ff49237a03