Nike Implements Restructuring Plan
Nike has announced a comprehensive restructuring plan aimed at reducing costs and saving $2.5 billion over five years, with initial costs amounting to $1 billion. The plan includes layoffs starting from 2027 and the merging of geographic regions such as China and Latin America to enhance product development and market responsiveness. Despite these measures, Nike expects total revenue to decline by more than 10% in the current fiscal year, following a 4% decrease in first-quarter revenue, which fell to $11.2 billion. This is accompanied by a decline in sales of the Jordan and Converse brands, amid ongoing challenges in the Chinese market.
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