Nike closes 11 U.S. stores in July amid sales slump and global restructuring.

Nike shut down 11 stores across the U.S. in July, including a key location in San Jose, California, as part of broader efforts to restructure its global operations and address declining sales. The closures span multiple states and follow a major April layoff of 1,400 employees, mostly in technology roles. Nike's sales have been falling, with store revenue down 7% and digital sales dropping 12%, prompting the company to modernize its supply chain and operations. CEO Elliot Hill acknowledged the company is underperforming and is working to improve its business model.