Nike to cut 2 per cent of workforce, simplify organizational structure

Nike Inc (NKE.N) said on Thursday it would cut about 2 percent of its global workforce as part of efforts to simplify its organizational structure, that will bring down its business segments to four from six.

The new operating segments are: North America; Europe, Middle East and Africa; Greater China; and Asia Pacific and Latin America.

Nike also said it would reduce the number of its shoe styles by a quarter, focusing on key brands such as ZoomX, Air VaporMax and Nike React.

Nike’s shares were down 2 percent at $53.59 in morning trading.