Nike Stock in Focus Amid Plans to Trim More than 700 Staff by End of June [Video]

Shares in Nike (NKE) will be in focus Monday after the sports apparel and equipment maker revealed via a notice filed on Friday that it plans to lay off 740 employees at its Beaverton, Oregon headquarters by the end of June, as the company forges ahead with a multi-year cost-cutting strategy.

Nike vice president for people solutions Michele Adams said in a notice mandated by the Worker Adjustment and Retraining Notification Act on Friday that the company “will be permanently reducing its workforce at its World Headquarters” in a “second phase of impacts,” to take effect by June 28.

The sportwear giant’s headcount reduction forms part of a three-year cost-cutting plan announced in December to reduce expenses by $2 billion. The notice comes after the company said in February that it would slash 1,600 jobs, or around 2% of its total workforce, amid waning demand for its shoes and sneakers. Other cost-reduction measures outlined by the company at the time included …