Nike cutting more than 1,500 jobs

Nike to lay off 2% of employees, cutting more than 1,500 jobs during broad restructuring

• Nike is cutting 2% of its current workforce as it looks to reinvest in its growth areas and streamline its business.
• The sneaker giant is contending with a slowdown in consumer spending and looking to save $2 billion over the next three years as part of a restructuring plan.
• “This is how we will reignite our growth,” CEO John Donahoe said in a memo obtained by CNBC.

Shortly before the restructuring was announced, The Oregonian reported that Nike had been quietly laying off employees over the past several weeks and had signaled that it was planning for a broader restructuring. A series of divisions saw cuts, including recruitment, sourcing, brand, engineering, human resources and innovation, the outlet reported.