On Wednesday, #Nike confirmed that it would be slashing 745 jobs in Oregon by the end of September, as part of its reorganization efforts to enhance the global markets. Additionally, as the largest athletic brand eliminated 255 local jobs in July, approximately 490 Oregon-based workers will be laid off by the end of this month, according to a report by Oregonian.

In June, Nike announced plans to cut about two percent of the workforce amid global restructuring. The company has confronted a fierce competition from a German-based athletic brand, #Adidas, in a retail environment in North America. While Nike remains a dominant leader in the sportswear industry, the company's sales have been falling, as Adidas' sales have been increasing in recent quarters.

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The layoffs are anticipated to transpire at Nike's global headquarters in Beaverton, Oregon. Prior to the announcement of layoff, Nike had 74,000 employees in 53 countries, including 12,000 employees at the Oregon headquarters.

$50 billion by 2020

Nike's rival Adidas has a significant competitive advantage in the sportswear business after posting strong sales. According to Morgan Stanley analyst Jay Sole, who wrote a note to investors last week Tuesday, "Nike has 'lost' its core sneaker enthusiast customer to Adidas." Adidas reported strong sales growth of 30 percent in the region in the most recent fiscal quarter.

As part of the restructuring of the business, Nike focuses on establishing the company's website, its direct-to-consumer business and digital efforts to enhance global sales, and providing additional resources in the running, basketball and Nike's business to sell products to consumers directly.

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The company is anticipated to generate $50 billion by 2020.

Nike's sales in fiscal 2017

While Nike had a difficult 2017, the company generated $34 billion in revenue throughout the fiscal year and made $4.2 billion in profit. Because of the company's poor sales, Nike CEO Mark Parker reduced 70 percent of his compensation to $13.9 million in 2017 from $47.6 million in 2016. Previously, CNNMoney named Parker as one of the highest-paid CEOs in America.

Shares in Nike dipped to nearly 10 percent following retailers like Dick's Sporting Goods and Foot Locker reported negative sales throughout the quarters. Traditional brick-and-mortar retailers faced sales challenges as more consumers seek to buy products through digital channels such as Amazon. Nike reached a pact to market some of its products directly on Amazon.

Foot Locker CEO Richard Johnson said last month that he did not see vendors offering products for sale on Amazon as a threat to the Foot Locker's business.

"We do not believe our vendors selling product directly on Amazon is an imminent threat," Johnson said, according to Fox Business, on August 18, 2017. "There is no indication that any of our vendors intend to sell a premium athletic product, $100-plus sneakers that we offer, directly via that sort of distribution channel."