Nike Inc. is an athletic apparel corporation founded as Blue Ribbon Sports Inc. in 1964. The company is the largest distributor of athletic apparel and shoes in the world, and boasts of being one of the leading manufacturers of sports equipment. In 2022, Nike reported a revenue of about $46 billion USD.
According to recent reports, Nike has announced a workforce reduction that will impact about 1,700 employees or 2% of the company’s overall workforce. The report further mentions that Nike is looking to downsize as it aims to save approximately $2 billion USD in expenses.
