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Nike to Lay Off 450 Workers in U.S.

March 16, 1998|Reuters

The world's biggest sports-shoe maker, Nike Inc., said it would cut about 450 jobs, or 3.5%, of its U.S. work force as well as unspecified numbers abroad. The layoffs are partly attributable to the financial crisis in Asia, where demand for Nike products has dropped sharply in recent months. Spokesman Lee Weinstein said the company, also facing declining demand at home, will cut about 250 jobs at its Beaverton, Ore., headquarters and 200 in other parts of the country. Nike, which said last month that third-quarter earnings would fall below Wall Street expectations, would make further job cuts outside the United States, Weinstein said. This is the third time it has had to lay off workers, the company said. In 1987, it cut 269 jobs and in 1993 it cut 459.

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