October 24, 2007 |
Nike Inc. will buy Britain's Umbro for $582 million as the U.S. apparel and shoemaker seeks a larger presence in the global soccer market ahead of the next World Cup. Nike, through its subsidiary Nike Vapor Ltd., agreed to pay $3.94 in cash for each Umbro share, the companies said Tuesday. Umbro, based in Cheadle, northwest England, designs and markets soccer-related apparel, footwear and equipment sold in more than 90 countries. Nike has long sought a greater presence in the soccer arena.
July 31, 2007 |
Nike Inc. has reached a $7.6-million settlement in a class-action race discrimination lawsuit filed on behalf of 400 black employees of the Chicago Niketown store, the company said. The lawsuit, filed in 2003, claimed managers at the retail store used racial slurs to refer to black workers and customers. They also said the store segregated black employees into lower-paying jobs. Beaverton, Ore.-based Nike has denied the allegations.
July 26, 2007 |
Animal-rights activists are hoping to send a familiar message to Nike, urging the shoe giant to cut ties with Atlanta Falcons quarterback Michael Vick: Just do it. Calling for a "week of action" in response to the allegations of Vick's involvement in illegal dogfighting, representatives from People for the Ethical Treatment of Animals plan to picket Niketown stores next week.
May 25, 2007 |
Nike Inc. said it would resume soccer-ball production in Pakistan after reaching an agreement with a vendor that was "committed to setting new standards for workers' rights." Silver Star Group must have full-time workers who are paid hourly wages and are eligible for healthcare and other benefits, Beaverton, Ore.-based Nike said. Nike said it halted production in Pakistan in November after its previous vendor, Saga Sports, violated company policy.
May 23, 2007 |
Nike Inc. and Foot Locker Inc. said they would open as many as 50 House of Hoops stores in the U.S. in the next three years as they seek to boost flagging sales of basketball shoes. Most of the stores will be converted Foot Locker locations, the companies said. Stores are planned in Los Angeles, Las Vegas, Chicago, Houston and New York. New York-based Foot Locker and Beaverton, Ore.
December 21, 2006 |
Nike Inc. said its fiscal second-quarter net income rose 8.1%, helped by iPod-compatible shoes and a tax gain. Earnings grew to $325.6 million, or $1.28 a share, beating analysts' estimates. Profit was $301.1 million, or $1.14, a year earlier, Nike said. Revenue grew 10% to $3.82 billion. The company boosted sales with the Nike Plus shoe that works with an iPod and signature footwear from basketball star LeBron James. A tax agreement with the Netherlands added 13 cents a share to profit.