Nike Inc. on Thursday announced that it will cut about 1,750 jobs worldwide as part of the company's restructuring efforts.
The sportswear and sport equipment maker said it plans to reduce its overall global workforce of nearly 35,000 by approximately 5 percent and about 500 jobs will be eliminated from its world headquarters near Beaverton, which is located in the U.S. state of Oregon.
The majority of the layoffs are expected to be completed over the next several weeks, the company said.
"We remain a growth company and we know these changes have created a stronger organization that will enable us to invest in our most significant opportunities," Mark Parker, chief executive officer of Nike, said in a statement.
"However, the decision to reduce our workforce has been a difficult and challenging one as it affects our colleagues, teammates and friends," he added.
Nike has been hit by the global economic recession as consumers worldwide cut back their spending on its goods.
The company reported that in the fiscal 2009 third quarter ended on Feb. 28, its profit dropped to 243.8 million U.S. dollars, down 47 percent compared with the same period a year ago.