Nike announces cost-cutting plan, potential layoffs

(CNN)– Nike announced it is looking for as much as $2 billion in cost savings over the next three years.

That’s going to include layoffs.

The company blamed more cautious consumer behavior but that’s not happening across the board.

People are spending less money on things like expensive sneakers while dropping more cash on experiences like travel.

A robust stock market this year has eliminated practically all fear of a recession in the U.S.