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Nike planning to lay off 2% of workforce - reports

Investing.com -- Nike (NYSE:NKE) is reportedly planning to lay off about 2% of its workforce, or more than 1,600 employees, as part of a broader cost-cutting drive.

According to The Wall Street Journal, the dismissals are set to begin on Friday. A second round will be completed by the end of the quarter, the Journal added, citing an internal memo.

Oregon-based Nike had about 83,700 workers as of May 31, company filings showed. The layoffs are not expected to impact employees at the apparel group's stores or distribution centers, the WSJ noted.

Nike had earlier flagged that it would embark on a push to save $2 billion in expenses over the next three years, in a bid to offset weaker anticipated earnings linked to a slowdown in consumer spending on non-essential items.

In the wake of the news, Oppenheimer analysts slashed their rating of Nike's stock to "Market Perform" from "Outperform."

Shares in Nike edged slightly lower in premarket U.S. trade on Friday.

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