Nike is cutting about 1,700 jobs

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lay off
Nike will lay off about 2% of its employees or close to 1,700 people, as the sportwear behemoth looks to cut as much as 2 billion dollars in costs.
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(phrasal verb) = shed, trimming
behemoth
as the sportwear behemoth looks to cut as much as 2 billion dollars in costs.
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(noun) = titan
grateful
we are grateful for the contributions made by all Nike teammates
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(adj) tri ân
slash
In December, Nike slashed its revenue forecast and announced cost cuts amid growing concerns that customers around the world are slowing their spending.
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(verb) reduce something by large amount
pass up
Customers are changing their behavior, passing up discretionary purchases of goods for basics and experiences such as concerts and travel.
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(phrasal verb) to choose not to make use of a chance or opportunity
discretionary
mua sắm tuỳ ý
Customers are changing their behavior, passing up discretionary purchases of goods for basics and experiences such as concerts and travel.
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(adj) tuỳ ý
upstart brands
Nike is also facing tough competition from upstart brands like Hoka and On Cloud.
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(noun) new brands
nhãn hàng mới nổi
downbeat
China, the world’s second-largest economy, is facing huge challenges, from downbeat consumers to a real-estate slump and weaker exports.
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(adj) = gloomy or depressing
flatline
Europe avoided a recession by the slimmest of margins in the last three months of 2023, with its economy flatlining
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(verb) maintain at low level, cannot improve
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