Nike cutting 1,600 jobs after weak spending

Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending. 

'The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger," Nike said in a statement to FOX Business. 

Starting Friday, more than 1,600 positions will be cut as the company tries to increase its investment in high-priority areas such as running, women's clothing and its Jordan brand, CEO John Donahoe told employees, according to a memo seen by The Wall Street Journal. 

A second phase of the cuts will be completed by the end of the quarter. Employees in stores, distribution centers or on the innovation team aren't expected to be let go, according to the report.