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Nike to Axe Hundreds of Jobs in Bid to Save $2 Billion Amid Sales Slump

The announcement comes after the sportswear giant said sales only rose 1 percent in the three months to Nov. 30.
Nike Inc. shares are on track to suffer a record streak of losses.
Nike Inc. shares are on track to suffer a record streak of losses. (Shutterstock)

Nike is to cut hundreds of jobs, simplify its product ranges and increase its use of automation as part of attempts to save $2bn (£1.6bn) in costs over the next three years amid poor sales.

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