Nike to lay off 1,400

The layoffs represent about 2% of Nike's global workforce and mark the second major round of job cuts this year.

COO Venkatesh Alagirisamy stated the company is modernizing its supply chain and consolidating key hubs to improve integration.

Nike shares have lost more than half their value in the last three years as brands like Hoka and On gain market share.

Affected employees across the UK, Europe, North America, and Asia will receive direct communication and career support during the transition.