Nike to clean up used, returned sneakers and put them back on shelves
FILE PHOTO: The Nike swoosh logo is seen outside the store on 5th Avenue in New York, New York, U.S., March 19, 2019. REUTERS/Carlo Allegri/File Photo
By Richa Naidu
CHICAGO (Reuters) - Nike Inc said on Monday it will start refurbishing sneakers - from Vapormaxes to Reacts - returned by shoppers and selling them at cheaper prices, a service offered increasingly by retailers to reduce consumer waste.
The Beaverton, Oregon-based company said it would clean up gently worn, like-new or slightly imperfect sneakers by hand and resell them "at a value for consumers" at certain Nike stores. To qualify for refurbishment, the sneakers need to be returned to Nike stores within 60 days of purchase.
"Up to fifteen U.S.-based stores will carry Nike Refurbished footwear by the end of April 2021, with plans to integrate more of this product at additional U.S.-based stores in the coming year," Nike said in a statement.
Nike is continuing to explore future expansion of the program to markets outside the United States.
(Reporting by Richa Naidu; Editing by David Gregorio)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- Ball Corporation (BALL) Raises Dividend, Enters 40M Share Buyback, Announces Management Changes
- Hempacco Co (HPCO) Receives Nasdaq Non-compliance Notice
Create E-mail Alert Related Categories
Corporate News, General News, ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!