Nike cutting more jobs as turnaround struggles continue
FILE-People pass by a Nike store on Sept. 29, 2026, in New York City. (Photo by KHemaz/GVN/Getty Images)
Nike announced a plan to slash more jobs and adjust its global business divisions after the sports apparel titan projected a significant decline in full-year revenue.
Reuters reported that Nike has worked to resurrect financial growth during the first two years of Nike CEO Elliott Hill’s tenure by transforming key sports like running and reestablishing partnerships with retailers.
Nike jobs cuts
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Nike tells Reuters that the organization does not yet know the number of positions that will be cut under the restructuring, and it will start informing employees in 2027.
The company’s program, building on previous rounds of layoffs, including one announced earlier in 2026, is expected to yield roughly $2.5 billion in savings through 2031.
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Meanwhile, Nike’s sales in China have plummeted for nine straight quarters. Reuters noted that the region represents 15% of Nike's annual revenue and is its third-largest market after the United States and Europe, the Middle East and Africa.
The company recently said that starting in January, it will pull online sales rights from some of its biggest retail partners in China.
Nike CEO Elliott Hill tells Reuters that sales in the U.S., Nike's largest region, increased 2%. The company’s performance business contributed to the growth, benefiting from this year’s World Cup.
Hill added that Nike would update its targets through the fiscal year, starting in November, as it works through its restructuring plan.
The Source: Information for this story was provided by Reuters, which cites comments from Nike CEO Elliott Hill related to the layoffs and company restructuring. This story was reported from Washington, D.C.