as Nike looks to lower expenses

Higher rental and interest rates are leading

customers to cut back on high-priced goods

Nike and Adidas have warned that the retailers

are lowering orders through wholesale channels

Nike has lost retail shelf space to

newer brands like Hoka and On Holding

as their running shoes resonate with customers

looking for catchy and innovative styles

In December, Nike outlined a $2 billion

savings plan over the next three years

including about $400 million to $450

million in employee severance costs

The layoffs are not expected to impact in-store,

distribution center, or innovation team employees