Nike to Cut 2% of Workers as Sportswear Giant Seeks Savings (1)

Nike Inc. shares fell as much as 4% after the sportswear giant said it will slash its global workforce by about 2%, pushing to reduce costs to counter a weaker sales outlook and growing competition.

The Oregon-based firm didn’t provide the number of workers that will be affected, though it currently has about 83,700 employees worldwide.

“The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement late Thursday.

The job cuts follow an ...