Nike Inc plans to lay off some of its employees as it now aims to sell directly to customers through its online and retail channels. The planned layoffs will help the company to overcome the $790 million quarterly net loss, its first in more than two years, as its wholesale business bore the brunt of footwear retailers and department stores shutting down due to the Coronavirus outbreak.
The brand is shifting resources and creating capacity to reinvest in its highest potential areas. The company would now aim for digital to account for 50 per cent of its overall business, up from the 30 per cent recorded in the reported quarter.
Nike, Inc is an American multinational corporation engaged in design, development, manufacturing, and worldwide marketing and sales of footwear, apparel, equipment, accessories, and services. The company is headquartered near Beaverton, Oregon, in the Portland metropolitan area.