It's Officially a Recession: Nike Cuts 5% of its work force

Not even the swoosh is safe.

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

Maybe, just maybe, people have decided vastly overpriced tennis shoes are one of the first luxuries that are expendable during a bad econony.

"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."

Please let me translate. Parker said "Blah blah blah, we're not hitting the kind of profit margin we're used to hitting, blah blah blah."