Nike said on Thursday it is planning to cut less than 1% of its corporate workforce as part of the sportswear maker's plans to turn around its business under CEO Elliott Hill.

Under Hill, the company has been investing in its running shoe and sneaker lines to reclaim lost ground in the segments, while rekindling relationships with retailers and expanding its presence at physical stores in a bid to fight competition in the market.

As of May 31, Nike had about 77,800 employees worldwide, including retail and part-time employees.

The move follows Hill's June remarks, when he stated that the company planned to "realign" into cross-functional teams by sport.

"This new formation is built to put sport and sport culture back at the center, to connect more deeply with the athlete and the consu

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