Nike announces a major job cut
Nike has announced that they are now going to cut 5 percent of its 35,000-strong global workforce.
The company said that these job cuts are necessary to remain competitive in this tough economy.
Nike revealed that they have already halted production at three of its Chinese factories.
The job cuts would involve workers located at its Beaverton, Oregon, headquarters.
Nike added about the new developments: “Our new structure sharpens our consumer focus globally to drive continued growth. The decision to reduce our workforce has been a difficult and challenging one. We remain a growth company and we know these changes have created a stronger organization that will enable us to invest in our most significant opportunities.”
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