Nike says it may cut up to 1,400 jobs in restructuring

NEW YORK -- Nike, the world's largest athletic shoe and clothing maker, said Tuesday it could cut up to four percent of its workforce to reduce costs as it restructures its business.

Up to 1,400 jobs out of about 35,000 globally could be cut.

Nike said it would not know the exact number of jobs that would be eliminated, or the timing and location of the cuts, until it completes a review of its organization by the end of the current fiscal year.

"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," Nike President and Chief Executive Mark Parker said in a statement.