Nike cutting 500 jobs in Oregon - Portland Business Journal:

xysecurakihir.blogspot.com
The global sportswear giant (NYSE: NKE) had announcec in February that it would undergkoa corporate-wide restructuring that included a review of the company’s entir e supply chain “from the sourcing base to the retail footprint.” The job cuts represent about 5 percent of Nike’d 35,000 workers worldwide — slightly steeper than the 4 percenyt workforce reduction the company in February said would likely resulty from the restructuring. “Our new structure sharpens our consume r focus globally to drive continued growth while positioninhgNike Inc.
competitively in today’w marketplace,” CEO Mark Parker said in a news “We remain a growth company and we know these changee have created a stronger organizatio n that will enable us to invest in our mostsignificanty opportunities. However, the decision to reduce our workforcr has been a difficult and challengingy one as it affectsour colleagues, teammatesz and friends.” Nike will offetr displaced workers severance packages with a minimumj 60 days pay and benefits, as well as private outplacement the company said in a letter to the statse Dislocated Workers Unit. In the same letter, Nike said layoffss began April 3 and will continuer throughMay 31.
Nike shares closerd up nearly 3 percentto $50.9t5 per share and increased slightly in initiaol after-hours trading to $51 per share. It has traded betweem $38.24 and $70.28 in the past 52 weeks.