Nike Inc. plans to eliminate up to 4% of its nearly 35,000 worldwide workforce as part of a restructuring and cost-cutting initiative. The company called it the “next stage of its category business model execution, which includes the restructuring of its business to further enhance its consumer focus and drive innovation more quickly to market.”

Nike noted that two years ago, it undertook a realignment of the Nike brand to organize along key global sport categories. The new restructuring move is an evolution of that strategy and would bring the company closer to consumers, reduce management layers and leverage efficiencies to increase speed-to-market advantages globally.

“The power of the Nike brand and the diversity of the Nike portfolio continue to be a competitive strength,” said Mark Parker, president and CEO of Nike, Inc. “In light of the current economic climate, it is more essential than ever to sharpen our focus on the consumer to maximize opportunities for product innovation and brand management in the marketplace.”

The company anticipates completing its review of its organization by the end of the current fiscal year. The exact number, timing and location of positions expected to be eliminated will not be known until the review is completed.