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Nike said in February that it will slash 2% of its global staff as part of a restructuring, but did not specify how many cutbacks would be made locally.

Nike is gearing up to make its biggest spending commitment yet for the upcoming Olympics.

Nike CEO John Donahoe blames the recent decline in innovation to the challenges posed by remote work and acknowledges that there has been an excessive focus on direct sales, which may have hindered progress.

Nike's CEO acknowledges the overemphasis on online stores and vows a return to wholesale partnerships. The shift aims at market expansion amidst profit concerns and competition.

Nike announced on Thursday a reduction in its workforce by 2% that will result in the layoff of more than 1,500 jobs.

Tiger Woods has entered a new partnership with TaylorMade Golf following his recent separation with Nike.

After 27 years, golf legend Tiger Woods has officially ended his partnership with Nike.

Sportswear giant Nike has unveiled plans to slash costs by approximately $2 billion over the next three years.

Some sports merchandise sector shows potential in growth level

The self-lacing shoe technology finally arrives, as Nike announced its newest adaptive lacing technology. The HyperAdapt 1.0 will be available for Nike+ members later this year.

The self-lacing shoe technology finally arrives, as Nike announced its newest adaptive lacing technology. The HyperAdapt 1.0 will be available for Nike+ members later this year.

Sports apparel Under Armour have surpassed Nike in athlete's endorsement. Many top athletes from NBA, NFL, tennis pro, professional golfers and others are now under contract with Under Armour.

Puma is making a huge come back as sales grew more than anticipated. Rihanna's line of premium designed shoes along with the Fenty collection is drawing more customers boosting the company's once meager sales.

Sneakers and sportswear are a huge business, as they gain advantage from the popularity of professional sports league. Following a very tight competition among brands, New Balance has to make a change in company's direction. In order to deal with the new brands that suddenly became strong competitors.

Nike prepares to launch shoes from future, as portrayed on a classic sci-fi action movie, Back to the Future. After securing the patent for its self-lacing shoes, the shoes will be ready to enter the market in the near future.