Li Ning Sports USA Inc. has cut back employees at its Portland headquarters by half in the last year, as shares of its Chinese parent company plunge.
Li Ning Sports USA Inc. has cut back employees at its Portland headquarters by half in the last year, as shares of its Chinese parent company plunge.
“The Nike of China,” has cut staff at its American headquarters from about 30 last year to about 15.
A deal with Champs Sports, a division of Foot Locker, Inc., that was intended to give the brand its biggest reach yet into the American retail market, is kaput. And a line of running shoes designed in Portland has a squishy future.
Sales for the first two quarters have been disappointing. Three of the company’s top executives resigned on Tuesday. And the stock value has fallen more than 10 percent this week. That decline was steep enough to prompt the Board of the Hong Kong Stock Exchange issued a news release Wednesday saying it did not know why the stock had dropped.
Regardless, Li Ning remains committed to Portland, said Jay Li, general manager of Li-Ning Sports USA as well as the company’s fledgling international division. “We’re still extremely happy we’re here,” he said Tuesday. “This is obviously where the talent pool is,” referring to product design.
Read more at OregonLive.com.
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