Nike warns of job cuts amid slowdown

Nike Inc, the world's largest athletic shoe and clothing maker, warned on Tuesday that up to four percent of its workforce could be cut amid an ongoing business review aimed at bringing products more quickly to market while reducing expenses.

Up to 1,400 jobs out of about 35,000 globally could be cut and Nike said the goal of the comprehensive review was to run a leaner organization and reduce layers at the global giant.

Nike said it would not know the exact number of jobs that would be eliminated, nor the timing and location of the cuts, until it completes its review by the end of the current fiscal year, which ends May 31.