Nike has decided to restructure the business of the brand which will be slashing 1400 of its employees, according to the reports. Nike will also reduce its sneakers style this quarter as its part of the restructuring plans.
The USA shoemaker is now focussing on producing more products to its customer directly by using online platforms according to its strategic plans. This would help Nike to reach its customers faster according to the company.
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Total 2% of jobs will be cut from its 70,000 workforces of Nike all around the world. The company’s main focus is in 12 key cities around 10 countries with a projected growth of 80% by 2020.
The company shares dropped down 2 percent to $53.35 on Thursday.