Nike cuts some jobs in technology division

Bloomberg News first reported the development earlier on Monday [File]
| Photo Credit: AP

Sportswear retailer Nike is laying off some of its employees in its technology division, a company representative told Reuters on Monday.

Nike will shift some of that work to third-party vendors, the representative said in an email, adding that the changes were announced last week.

The representative did not specify how many employees were laid off. It is not immediately clear how many people work in Nike’s technology division.

Bloomberg News first reported the development earlier on Monday.

The Air Jordan maker in March forecast a steeper drop in fourth-quarter revenue than analysts had expected, striking a cautious tone as it works to rekindle interest among consumers who have defected to trendier rivals.

Earlier this month, Nike CEO Elliott Hill made several changes to the senior leadership team. Hill took the helm in October to lead a turnaround at a company that has lately struggled to design new and innovative shoes.