News that Nike will trim 2 percent of its workforce globally was a bit of shocker, CNBC's Jim Cramer said Thursday.
"Holy cow, Nike. ... I've been waiting for Nike to take some kind of action. I did not think it would take that action," he said on "Squawk on the Street."
Cramer spoke after the shares dipped following an announcement of a new business structure, which involved the layoffs. "Nike's leadership and organizational changes will streamline and speed up strategic execution," the company said.
Nike also has also created what it calls a new "Consumer Direct Offense," or what's planned to be a faster pipeline to serve shoppers with customization options.
Cramer said the athletic apparel company does not like its stock price stalled and called Nike CEO Mark Parker "tough."
"Mark Parker is the wolf in sheep's clothing," Cramer said. "This is a very interesting announcement. He is not going to stand for that stock price being where it is."
"Nike has been a phenomenal stock," he added. "It has not been a phenomenal stock, lately."