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PORTLAND, OR- Nike Inc. said Thursday that it will cut about 1,750 jobs worldwide, which equally approximately 5% of its global workforce. Approximately 500 (28%) of the job losses will occur at its expansive corporate headquarters in nearby Beaverton, OR.

The shoe and apparel company previously announced that it would be trimming its headcount as part of an initiative to align costs with reduced revenues. More recently, it said the cuts would be made in part by reducing the number of management layers.

In addition to its nameplate brand, the company owns Converse, Cole Haan and Umbro. Shares of Nike common stock closed the trading day at $50.95, up $1.43.

The Nike world campus is a 176-acre, 17-building campus catering to 6,000 employees engaged in management, research, design, development, marketing, finance, and other administrative functions from nearly all of company divisions. It has a smaller but similar campus in Hilversum, The Netherlands, that serves as its headquarters for Europe, Middle East and Africa.

Elsewhere in Beaverton, it manufactures its “air-sole” cushioning materials and components in owned facilities, and in nearby Hillsboro it leases a large distrbution facility. The company also has two larger distribution facilties in Memphis, TN, one of which it leases, and another in Greenland, NH, that it owns. Internationally, it has significant owned distrbution centers in Tomisatomachi, Japan, and in Laakdal, Belgium.

The company also lease six production offices outside the US, 100 sales offices and showrooms worldwide, and approximately 70 administrative offices worldwide. On the retail side, worldwide it leases approximately 556 stores, consisting primarily of factory outlet stores.

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