Sportswear brand Nike has announced it will cut around 2% of the workforce at its headquarters in Beaverton, US.

At the start of this year, it said it wanted to save $2 billion over the next three years through simplifying product assortment, increasing automation and job losses.

The company suggested there will be restructuring charges of between $400 million and $450 million that will largely be recognised in the third quarter of fiscal year 2024, primarily associated with employee severance costs. 

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