Nike will lay off workers as part of $2-billion cost-cutting plan

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People shop for Nike shoes at a store in New York. Julia Nikhinson/AP

Julia Nikhinson/AP

Nike plans cost-cutting measures to save up to $2 billion over the next three years, including layoffs and more automation.

The company also slashed its annual sales forecast to only 1%. This sent its own stock price down, along with shares of rivals Adidas, Puma and Lululemon.

The sportswear giant partly blamed slumping online sales, particularly in the key market of Greater China. which includes Hong Kong,

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