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Nike Lays Off 5% of Workforce
Stock quotes in this article:NKE
Nike(NKE) announced on Thursday that it will slash about $1,750 jobs worldwide, or 5% of its workforce.
About 500 of the job cuts will come from Nike's headquarters in Oregon, but the company did not announce what departments would be cut. Nike has already idled production at three of its Chinese factories. While Nike has been able to remain relatively resilient during the downturn, in the most recent quarter the company has experienced some sales declines, particularly in Europe. Shares of the sneaker maker remained steady after hours, since investors were prepared for the news in March when the company warned it would begin cutting jobs in an effort to cut expenses. Stephanie Link, director of research for Cramer's Action Alerts PLUS, said on Wednesday that while she likes Nike, the stock could be a risk since it is a higher beta stock and doesn't have dividend support. But Nike's balance sheet is strong and continues to lead the category.TheStreet Premium Services
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