Nike slashes 1,750 jobs worldwide

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Nike Inc
San Francisco, May 15: World's largest athletic shoe and apparel maker Nike Inc announced its decision to cut about 5 pc of its global work force. This will affect about 1,750 employees of its 35,000-strong workforce. This is the largest layoff in the company's history.

Nike said on Thursday, May 14 that decision was taken to boost competitiveness and reduce costs. About 500 positions will be removed from Nike's headquarters at Beaverton, Oregon. The sports-gear brand had earlier slashed production at factories in China and Vietnam, trimmed marketing spending which spiked in 2008 in advance of Beijing Olympics and reorganised its global business into six geographical groups.

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