As per reports, Taiwan’s Pou Chen Corp, the world’s largest maker of branded sports footwear is to cut around 6,000 jobs at its Vietnam’s Ho Chi Minh City plant due to sluggish demand. The firm’s Pouyuen Vietnam factory will cut 3,000 jobs this month, and not extend labor contracts for another 3,000 workers later this year. The Pouyen Vietnam factory supplies global companies such as Nike Inc. NKE) and Adidas AG and is one the biggest employers in Ho Chi Minh City, with 50,500 workers.
“The company will prudently respond to the dynamic changes in the business environment,” Pou Chen stated.
NIKE, Inc. (NKE) is the world’s top designer, marketer, and distributor of athletic footwear, equipment, apparel, and accessories. The Beaverton, Oregon-based company offers products for a wide variety of sports and fitness activities. To learn more about NIKE, Inc. (NIKE) and to continue to track its progress please visit the Vista Partners NIKE Coverage Page.