Nike is eliminating approximately 1,700 jobs

Nike plans to reduce its workforce by approximately 2%, which translates to nearly 1,700 employees, as part of its efforts to trim expenses by up to $2 billion.

As per its most recent annual report, the global sportswear giant had about 83,700 employees as of May 31, 2023.

“The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities,” a Nike (NKE) spokesperson said in a statement Friday. “While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

In December, Nike adjusted its revenue projections downward and disclosed plans for cost reductions in response to mounting worries about global consumer spending slowdown. The company aims to achieve savings of up to $2 billion over the next three years.