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Declining Sales Force Nike to Lay Off Thousands in Major Restructuring Plan
03 Oct. 09:34Nike has announced a sweeping restructuring program involving large-scale layoffs and organizational realignments following a prolonged decline in global revenues, particularly in Greater China. Sales in China dropped by 26% in the first quarter, marking the ninth consecutive quarterly decline. To offset these financial headwinds and save approximately $2.5 billion by fiscal year 2031, Nike plans to consolidate its current four regional divisions into three major hubs: Americas; Asia-Pacific & Greater China; and Europe, Middle East & Africa (EMEA).
Nike CEO Elliott Hill noted that limited product innovation and weaker demand for the Jordan brand have forced the company to rely heavily on discounts and promotions. Company projections indicate a further revenue drop of 7–9% for fiscal year 2027. Market pressure has been further amplified by high-profile athlete departures, including French football star Kylian Mbappé ending his 20-year endorsement deal with Nike to join the Swiss brand On. Formal notifications regarding employee layoffs are set to begin in 2027.
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Major International Exhibition and Congress on Healthcare, Education, and Sports Opens in Turkmenistan
10 Oct. 07:33A multi-sector international exhibition and scientific conference celebrating National Healthcare and Pharmaceutical Industry Workers' Day officially opened at the Chamber of Commerce and Industry Expo Center in Ashgabat. In his official greeting to attendees, President of Turkmenistan Serdar Berdimuhamedov highlighted the ongoing integration of advanced technologies and international collaboration. The President noted that key landmarks during this 35th anniversary year of independence include the opening of new International Centers for Oncology, Pediatrics, and Dentistry, alongside modern expansions at the "Archman" health resort.
Running through October 12, the three-day event serves as a global platform uniting state ministries, international manufacturers, medical specialists, and researchers. The agenda encompasses interactive exhibition stands, technical sessions, specialized workshops, and strategic B2B and B2G business negotiations.
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