Iconic shoemaker Nike is expecting to lay off some of its workforce as part of an attempt to cut down costs by $2 billion.
The move by Nike comes amid concerns that consumers around the world are not purchasing Nike products as much as they used to. It also comes after the company has failed to see major demand for its products beyond holiday sales like Black Friday or back-to-school season, according to a report.
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The move reflects “indications of more cautious consumer behavior around the world,” said Nike finance chief Matt Friend during a company conference call.
Friend pointed to slow sales in various global markets as part of the company’s move to cut costs, including China, Europe, the Middle East, and Africa. In China specifically, the country as a whole is undergoing various financial troubles.
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Like many other companies, Nike has had to deal with rampant crime in many markets, including in the United States. Last month, a Nike store in Los Angeles lost almost $12,000 in products after over a dozen people robbed it.
The Washington Examiner has contacted Nike for comment.
