Nike Considers Cutting Its Workforce

Nike has announced a new restructuring program that includes plans to reduce its workforce and change the structure of its regional divisions.

The decision comes as the company continues to face declining sales in China. In the first quarter of the current fiscal year, sales in the country fell by 26%. This marked the ninth consecutive quarter of decline.

The number of employees who may be laid off has not yet been disclosed. The company plans to begin notifying employees about the changes in 2027.

The program is expected to generate approximately $2.5 billion in savings by fiscal 2031. Most of the savings are expected to come in 2029 and 2030.