Nike to slash 1,400 jobs, cut sneaker styles in shakeup

Nike wants to be more nimble on its feet and sell more shoes directly to customers online as part of a restructuring in which it plans to cut about 1,400 jobs and reduce the number of sneaker styles it offers by a quarter.

Nike wants to be more nimble on its feet and sell more shoes directly to customers online as part of a restructuring in which it plans to cut about 1,400 jobs and reduce the number of sneaker styles it offers by a quarter.

In this Wednesday, March 22, 2017, file photo, the Nike logo appears above the post where it trades on the floor of the New York Stock Exchange. On Thursday, June 15, 2017, Nike said it plans to cut about 1,400 jobs, reduce the number of sneaker styles it offers by a quarter and sell more shoes directly to customers online. The company says the changes to its business structure will help it offer more products to customers faster. (AP File Photo)

The company announced several changes to its business structure Thursday, saying the moves will help it offer more products to customers faster.

Nike, which is based in Beaverton, Oregon, says the jobs cuts represent about 2 percent of its 70,000 employees around the world.

It also says a main focus will be the 12 key cities in 10 countries that it expects to represent more than 80 percent of its projected growth through 2020.

Shares of Nike Inc. fell more than 2 percent to $53.35 on Thursday.