UPDATE 1-Converse to cut jobs as part of Nike's cost-savings plan, Bloomberg News reports [Yahoo! Finance]
Nike, Inc. (NKE)
Last nike, inc. earnings: 3/24 04:15 pm
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Source: Yahoo! Finance
Nike had laid out a costs saving plan in December that would stretch over the next three years and also include tightening the supply of some products and reducing management layers. Nike said in February it would cut about 2% of its total workforce, impacting more than 1,600 jobs as the company looked to rein in expenses in the face of weak consumer demand for its sneakers. In April, Nike also said it would lay off about 740 employees at its world headquarters in Oregon as part of the restructuring plan. Nike and Converse did not immediately respond to Reuters' requests for comment. (Reporting by Juveria Tabassum, additional reporting by Ananya Mariam Rajesh; Editing by Krishna Chandra Eluri)
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