Report: Nike to slash 5% of work force

Beaverton, Ore. Athletic footwear and apparel giant Nike said late Thursday evening that it plans to reduce its global work force of 35,000 associates by 5%. The cut, a loss of 1,750 jobs, is the company’s largest downsizing initiative to date, according to an article on MSNBC.com.

The move, which is being made in hopes of containing costs and upholding the company’s competitive edge in the industry, will impact 500 positions at Nike’s head office. The corporate office employs approximately 6,800 associates, the article said.

Nike originally announced its intentions in February, when it reported that it planned to realign its business model, a process that included making organizational changes.

"Our new structure sharpens our consumer focus globally to drive continued growth while positioning Nike competitively in today's marketplace," Nike CEO Mark Parker said in a statement. "We remain a growth company and we know these changes have created a stronger organization that will enable us to invest in our most significant opportunities."

The job eliminations will be completed in the next few weeks, the article noted.