01:20 PM EDT, 08/28/2025 (MT Newswires) -- (Updates with additional details in the second through fourth paragraphs.)

Nike ( NKE ) is planning to lay off less than 1% of its corporate staff amid Chief Executive Elliott Hill's effort to bring the footwear company back on a growth trajectory, CNBC reported Thursday, citing a company memo.

While it was not clear how many positions would be impacted, the report said that Nike's ( NKE ) Europe, the Middle East and Africa and Converse ( NKE ) businesses would not be affected.

The layoffs are part of Hill's effort to change how teams are structured within the company, CNBC said.

As part of the restructuring, some employees would take on new positions, report to a new manager or join a new team altogether, the report said, adding that the majority of the new roles will take effect by Sept. 21.

Nike ( NKE ) did not 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.)

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