"Nike's Restructuring: 2% Workforce Reduction to Lower Costs"

Nike is laying off 2% of its workforce, more than 1,500 jobs, as part of a broader restructuring to invest in growth areas like running, women's, and the Jordan brand. The layoffs will occur in two phases, with the first round starting this week. The company aims to cut costs by about $2 billion over the next three years and simplify its product assortment, increase automation, and streamline the organization. The move comes as consumer spending becomes more cautious, and the retail industry anticipates a demand slowdown for discretionary items.