Economy · World
Nike Announces Job Cuts and Restructuring for Savings
Nike, the world's largest footwear company, is implementing a restructuring plan that includes job cuts and aims to achieve $2.5 billion in savings. The company is deepening its restructuring under CEO Elliott Hill to boost its turnaround efforts, particularly as its performance in China intensifies. Nike projected a steep drop in full-year revenue, leading to its stock sinking nearly 4% to a 13-year low. The plan involves shaking up global business divisions.
How outlets across the spectrum covered it
L 0 C 3 R 0
- Centre (3): Business Today, Channel News Asia, Forbes