LOS ANGELES - Consumers who are sick of the ongoing impacts of inflation are soon to experience a bit of relief following an announcement from Nike which plans to liquidate some of it's products following a recent flood of inventory.
According to a report by The New York Post, Nike said it's planning to offer sales of up to 44% overall and 65% in North America, the company as it reported for its latest quarter last week.
The company is blaming supply chain issues for a lag in product movement which resulted in the company overstocking some items while others arrived late.
"We effectively have a few seasons landing in the marketplace at the same time," chief financial officer Matt Friend said on an earnings call with analysts on Thursday, adding that some of that inventory is now "seasonally out of relevance" and will be cleared out more quickly to make room for the "newest and best inventory."
So what does this mean for shoppers? Big discounts, and just in time for the holidays.
Nike wants to get rid of excess products sitting on its shelves and fast.
Many sneakerheads have noted a variety of Jordan shoes and other Nike shoes that normally sell out quickly, collecting dust on shelves.
Photos of these normally highly sought after shoes were posted on social media in an attempt to show the impacts of the ongoing economic downturn.