ROTH CAPITAL PARTNERS: Hosting 27th Growth Stock Conference March 8-11 in Dana Point, Calif.
Details on Industry Insight.
Nike said yesterday it will streamline and restructure its company to become more efficient and get products to market more quickly.
The company has embarked on a top-to-bottom review of its supply chain "from the sourcing base to the retail footprint," Nike said in a press release. The review could result in the loss of 4 percent of the company's 35,000-strong workforce.
I was curious if all companies in Nike's portfolio would be subject to the review, including Hurley, so I asked Nike spokeswoman Kellie Leonard.
She said the review does include all of Nike's brands, including Hurley, though there's nothing to report at this time. The review of the entire company is ongoing and will be complete by May 31, she said.
Here's what CEO Mark Parker said about the review in a press release.
"In light of the current economic climate, it is more essential than ever to sharpen our focus on the consumer to maximize opportunities for product innovation and brand management in the marketplace," he said. "The decision to reduce our workforce is a difficult one, but it will put our business in the strongest position possible to continue to deliver long-term profitability and growth."
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