The company previously announced the basic strategy, which it refers to as a "Triple Double" of speed, on its last earnings call.
Like other retailers, Nike is adapting to a consumer shift to online shopping. It's also battling increased competition from a resurgent Adidas.
The layoffs will likely significantly affect the company's Washington County headquarters. Nike reported 70,700 global workers on its last annual report. A 2 percent reduction would amount to about 1,400 layoffs.
Nike last month said it had 12,000 workers in Washington County. It is the second-largest private employer in the state after Intel Corp.
The strategic shifts include the creation of a Consumer Direct Offense, which will focus on getting personalized products to market.
"The future of sport will be decided by the company that obsesses the needs of the evolving consumer," said CEO and Chairman Mark Parker, in a news release. "Through the Consumer Direct Offense, we’re getting even more aggressive in the digital marketplace, targeting key markets and delivering product faster than ever."
Other retailers are also responding aggressively to shifts in behavior as more shopping is done online. Columbia Sportswear continues to role out changes in an ongoing reorganization.
Nike's new strategy includes focusing on 12 key cities: New York, London, Shanghai, Beijing, Los Angeles, Tokyo, Paris, Berlin, Mexico City, Barcelona, Seoul and Milan. The cities and their respective countries are expected to account for 80 percent of Nike's growth through 2020. It's also reducing its global geographies from six to four and making a series of additional management shifts.
Nike Brand President Trevor Edwards will lead the Consumer Direct Offense.
Nike last had significant layoffs in 2014 when it discontinued a hardware division. Its last company-wide layoffs were in 2009 when it laid off 4 percent of its workforce amid a previous restructuring.
Matthew Kish covers footwear, apparel, banking, finance and general assignment news.