Nike to lay off about 1% of corporate staff in its latest effort to refocus the business

1. Nike plans to lay off less than 1% of its corporate staff. 2. Layoffs are part of CEO Hill's business realignment strategy. 3. The focus will shift back to sports and athletes over lifestyle products. 4. Hill expects sales declines to moderate moving forward. 5. New roles and team structures will be effective September 21.