Nike Cuts Jobs and Forecasts Revenue Drop
Nike announced plans for further job cuts and restructuring under CEO Elliott Hill following a steep revenue drop forecast. The sportswear giant is struggling with a prolonged sales slump in China.
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NIKE INC -CL B will cut more jobs and slash full-year revenue projections, deepening an overhaul under CEO Elliott Hill. The sportswear giant faces persistent headwinds, including a 26% sales plunge in China. The structural changes highlight deeper vulnerabilities in the company's retail model as turnaround efforts encounter delays.
