Nike to cut under 1% of corporate positions, CNBC reports

Nike (NKE) is planning another round of job cuts as part of CEO Elliott Hills attempt to overhaul the business, with the layoffs impacting less than 1% of the company’s corporate staff, CNBC’s Gabrielle Fonrouge reports. While it’s unclear how many positions will be affected, the sneaker giant’s EMEA and Converse units will not be impacted, the author notes. “As we shared in Q4 earnings, NIKE, Inc. is in the midst of a realignment. The moves we’re making are about setting ourselves up to win and create the next great chapter for NIKE,” the company told CNBC in a statement. “This new formation is built to put sport and sport culture back at the center, to connect more deeply with the athlete and the consumer, and to give us the space to create what only NIKE can.”