Nike cuts jobs as profits fall amid surging costs
Nike reports a 69 percent drop in quarterly profits and plans to lay off 1,600 workers in Beaverton as Asian crisis and a sneaker glut erode demand. Global footwear revenues drop 16 percent while future orders fall 9 percent. 22,000 staff face a 7 percent reduction. Corporate image and worker concerns add to woes.
MENTIONED IN THIS ARTICLE
Beaverton, Ore
Nike
Michael Jordan
Tiger Woods
America
Kaytee Fuqua
Adidas
Portland
Niketown
Jim Terry
Knight
L Ight
Ike
Fuqua
Federal judge tosses out rest of Prop 187
A federal judge in Los Angeles ruled Prop 187 unconstitutional in full, terminating California’s 1994 voter approved ban on education, social services, and some health benefits for illegal immigrants. Gov. Wilson pledged to appeal, while ALDF and MALDEF hailed the decision as upholding a federal immigration policy.
MENTIONED IN THIS ARTICLE
Los Angeles
California
U.S
Mariana Pfaelzer
Pete Wilson
Pfaelzer
Wilson
Ninth Circuit
Tomas Saenz
Nasdaq Amex approve merger talk to create hybrid market
Nasdaq Stock Market parent NASD and the American Stock Exchange won approval to explore a merger that would keep both exchanges operating separately but link Nasdaq electronic trading with Amex floor auctions. The plan aims to boost efficiency and capital access while sharpening competition with the NYSE, with over 100 million dollars to upgrade Amex technology and antitrust and member backing to come.
MENTIONED IN THIS ARTICLE
NEW York
American Stock Exchange
Wall Street
Amex
New York Stock Exchange
Also Mentioned on This Page
Beaver
Ore
Brenda Gall
Merrill Lynch
Phil Knight
W. County Rd
Becki Taylor
Midland
Odessa
Chez LaNae
Austin St. - Odesse
Texas
West Texas
Tim Claire
Claire
Carol
el Nitro
Mané
Absolt Tei
Nss
andTeei
Alanerly
Dillard
Dillard’s
Visa
Mastercard
American Express
Discover
Diners Club
Music City Mall
Mtr
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