updated 5/14/2009 5:35:43 PM ET 2009-05-14T21:35:43

Shoe and apparel company Nike Inc. said Thursday that it will cut about 1,750 jobs worldwide, or 5 percent of its global work force.

About 500 of the jobs lost will be at Nike's world headquarters in Beaverton, Oregon. The company did not specify what departments the cuts would be in.

Nike had announced in February that it would cut jobs as part of a realignment of its business. In March, it said it was reducing layers of management, among other organizational changes.

Like many companies, Nike has seen demand for its products slow as the global economic meltdown hurt consumer spending.

The company plans to complete the reductions in the coming weeks.

"Our new structure sharpens our consumer focus globally to drive continued growth while positioning Nike Inc. competitively in today's marketplace," Chief Executive Mark Parker said in a statement. "We remain a growth company and we know these changes have created a stronger organization that will enable us to invest in our most significant opportunities."

The company, whose other brands include Converse, Cole Haan and Umbro, remains the industry leader. But Nike saw its profit drop in the most recent quarter, largely on one-time items, and its revenue fell 2 percent as the economic downturn dragged on.

Shares of Nike were up $1.43 to close at $50.95 Thursday. They were little changed in after-hours trading following the announcement.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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