Los Angeles police are investigating suspects who allegedly swiped millions of dollars worth of sneakers in an elaborate scheme that stretched from a Nike distribution hub in Tennessee to a swanky Hollywood apartment building.
US sportswear maker Nike plans to reduce its global workforce by about 2% as part of its efforts to reduce costs and streamline the organization amid softer revenue outlook and increasing competition, reports said citing a memo. More than 1,600 employees are likely to be affected with the job cuts based on the company's total workforce of about 83,700 employees worldwide. The job cuts are planned in two phases, with first round starting on Friday, and the second round to be completed by the end