Nike is feeling the squeeze in 2009
Posted by ZA on February 11, 2009
The Portland Oregonian reports that Nike will cut almost 5% of its global work force due to the recession. The layoffs will affect up to 1,400 of their 35,000 employees and are the first for Nike since the late 90′s.
Nike CEO Mark Parker said, “The decision to reduce our work force is a difficult one, but it will put our business in the strongest position possible to continue to deliver long-term profitability and growth.”
Shares of Nike fell on the news of the layoffs. Nike trades on the New York Stock Exchange under the symbol “NKE”.
Maybe my prediction that Nike will acquire Under Armour will have to wait until 2010.
Nike
