Nike, Inc.

Nike to slash sneaker styles and 1,400 jobs in company shake-up

Nike to slash sneaker styles and 1,400 jobs in company shake-up

Nike Inc. wants to be more nimble on its feet.

The sneaker maker said Thursday that it plans to focus on the hottest-selling sneakers, slash the number of styles it offers and sell more shoes directly to customers online as part of a restructuring in which it also will cut about 1,400 jobs.

Nike said the moves will help it offer products to customers faster as it is facing increasing competition from smaller brands and premium labels. Another problem: The running and basketball shoes Nike is famous for may be outdated.

More people are choosing fashion over function, with sales of classic sneakers industry-wide climbing 26% last year, according to research from the NPD...

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