Nike Inc. (Beaverton, Ore.) announced a restructuring that lays off 1400 of its workforce as it reduces the numbers of styles it will sell and shifts to sell more shoes directly to customers online.
"Nike's leadership and organizational changes will streamline and speed up strategic execution," said a company spokesperson according to CNBC.
It will also shift focus to 12 cities where it expects 80 percent of its growth, and has simplified its geographical segments from six to four: North America, Europe, the Middle East, Africa and Greater China, as well as Asia Pacific and Latin America.
Nike has also created a Consumer Direct Offense to better serve customers. “We're getting even more aggressive in the digital marketplace, targeting key markets and delivering product faster than ever," said CEO Mark Parker.