Sporting goods giant Nike has to save money: 1,600 jobs are being cut worldwide. The job cuts are expected to begin on Friday and be completed in a second phase by the end of the quarter.
High inventory levels led to deep discounting of clothing and footwear, hurting profits. Nike is in fierce competition with brands like Adidas and Puma - and in the USA, among others, consumers are spending less on them again after a boom in sporting goods during the corona pandemic.