Nike has announced it will lay off approximately 1,400 employees from its Global Operations team, which constitutes nearly 2% of its global workforce. The layoffs will primarily impact the technology division and will take place across North America, Asia, and Europe. Chief Operating Officer Venkatesh Alagirisamy emphasized that these cuts are part of a broader restructuring effort, which has already seen previous job reductions, including 775 jobs in January and over 1,600 in February 2024. The company aims to streamline its supply chains for materials, footwear, and apparel by centralizing technology operations in Beaverton, Oregon, and the Nike India Technology Center. As part of this effort, Nike plans to relocate some Converse manufacturing closer to its factory partners. Despite a recent rise in shares by 0.5% in after-hours trading, Nike's stock has lost more than half its value over the past three years. The company is forecasting a 2% to 4% drop in sales this quarter, particularly noting a 20% decline in its key market, China.