00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Nike said Monday it is laying off 775 employees as it moves to boost profits and accelerate
00:09automation, according to Reuters. The cuts will mainly affect distribution center roles in
00:14Tennessee and Mississippi, where Nike operates large warehouses. Nike is seeking to regain its
00:20position as the world's leading sportswear brand after losing market share and has carried out
00:24several rounds of layoffs in recent years. The company said it is streamlining its operations
00:29to move faster and operate with greater discipline, with the changes primarily affecting its U.S.
00:35distribution operations. Nike said the layoffs are intended to reduce complexity, improve
00:40flexibility, and support its return to long-term profitable growth. For all things money, visit
00:46benzinga.com.
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