12:04 PM EDT, 05/30/2024 (MT Newswires) -- Nike ( NKE ) has reduced some staff from its secret sneaker archive department, known as the Department of Nike Archives, Bloomberg reported Thursday, citing people familiar with the matter.

The layoffs are part of a multiyear cost-reduction plan by the athletic footwear and apparel maker, the sources were quoted as saying by the news outlet.

The division collects, catalogs and stores Nike ( NKE ) shoes, gear and other artifacts from the brand's history, according to Bloomberg.

The company didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 93.12, Change: +1.45, Percent Change: +1.58