Nike's stock fell 3.3 percent Thursday morning to $52.84. - From OregonLive.com
By The Oregonian/OregonLive Nike said Thursday morning it will cut its global workforce by 2 percent in a broad restructuring, a move seen as a reflection of the company's somewhat weakened competitive position and a sagging retail sector.
On Thursday, the company said it will focus on 12 cities -- New York, London, Shanghai, Beijing, Los Angeles, Tokyo, Paris, Berlin, Mexico City, Barcelona, Seoul, and Milan – where it expects to generate 80 percent of its growth over the next few years.
Lyon, of the Canaccord Genuity firm, has for months been warning that Nike's products were drawing lukewarm receptions from consumers.
And the company said it will reduce its total product lineup by 25 percent.
Matt Powell, of the NPD Group, has also repeatedly brought up Nike's relative weakness with consumers of late.