Nike Plans To Cut 480 Jobs In Asia

Facing a sharp fall in profits, Nike said Friday it will cut 480 jobs in Asia, accounting for about 30 percent of the company’s global reductions.

Asia’s economic slump, which began last July in Thailand and spread throughout the region, has hurt sales, Nike spokeswoman Martha Benson said.

“The cost of a shoe suddenly grows quite significant when your currency drops in half,” Benson said.

She declined to give details on where the Asian job cuts would fall.