Nike is laying off more than 1,000 workers

Nike is laying off more than 1,000 workers
Posted at 9:52 AM, Jun 15, 2017

NEW YORK (CNNMoney) -- Nike is cutting 2% of its workforce -- about 1,400 jobs around the world.

It's unclear where those jobs will be cut and how many will be in the United States. The company employed about 70,000 people, including retail and part-time workers, as of May of last year. That included more than 10,000 jobs at its headquarters in Oregon.

Nike announced the cuts Thursday and told CNNMoney they would take effect over the next two months.

The company's stock fell about 2% after the news came out.

The cuts come as Nike focuses on getting products to customers faster and selling to them directly.

Nike said it will expand operations in 12 major cities, including New York, London, Shanghai, Tokyo, Paris and Mexico City.

Nike expects those cities to account for more than 80% of its growth until 2020.