"NIKE, Inc. Announces Corporate Restructuring and Cost Reductions to Enhance Consumer Focus and Drive Innovation More Quickly to Market"
Posted Mar 2, 2009 12:07 (GMT +7)
BEAVERTON, Ore.--(BUSINESS WIRE)--Feb. 10, 2009
-- Restructuring May Include Up to Four Percent in Workforce Reductions
NIKE, Inc. (NYSE:NKE) today announced the next stage of its category business model execution, which includes the restructuring of its business to further enhance its consumer focus and drive innovation more quickly to market. This realignment will drive greater efficiencies throughout the organization and may result in an overall reduction of up to four percent of the company?s workforce. NIKE, Inc. employs nearly 35,000 people worldwide.
Two years ago NIKE, Inc. undertook a realignment of the Nike brand to organize along key global sport categories. Today?s announcement is an evolution of that strategy and would bring the company closer to consumers, reduce management layers and leverage efficiencies to increase speed-to-market advantages globally. As part of this effort, the company will review its entire supply chain from the sourcing base to the retail footprint to ensure it is in the best position to bring elevated consumer experiences to market.
?The power of the Nike brand and the diversity of the Nike portfolio continue to be a competitive strength,? said Mark Parker, President and CEO of NIKE, Inc. ?In light of the current economic climate, it is more essential than ever to sharpen our focus on the consumer to maximize opportunities for product innovation and brand management in the marketplace. The decision to reduce our workforce is a difficult one, but it will put our business in the strongest position possible to continue to deliver long-term profitability and growth.?
The Company anticipates completing its review of its organization by the end of the current fiscal year. The exact number, timing and location of positions expected to be eliminated will not be known until the review is completed and employee representative bodies have been consulted within accordance with local legal requirements.
About NIKE, Inc.
NIKE, Inc. based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly owned Nike subsidiaries include Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Cole Haan, which designs, markets and distributes luxury shoes, handbags, accessories and coats; Umbro Ltd., a leading United Kingdom-based global football (soccer) brand; and Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories. For more information, visit nikebiz.com.
CONTACT: US Media:
Derek Kent, Director, Nike US Media Relations: 212-367-4447
Bob Applegate, Director, Nike Oregon Communications: 503-593-2796
Charlie Brooks, Director, Nike EMEA, Corporate Communications Manager:00+31-35-626-6453
Pamela Catlett, Vice President, Nike Investor Relations: 503-671-4859 "
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