I've personally never seen so many people working out outside before. Not to mention Nike has an online presence.

Also, from what the CEO said:

Part of the massive loss is due to the effects of the coronavirus response, the report said; however, Nike CEO John Donahoe said that “layoffs were not related to the pandemic.”

The layoffs, according to the CEO, are part of an effort to restructure an “overburdened matrix,” according to Complex’s knowledge of an internal email sent from Donahoe.

It sounds like there are far deeper (long-term) financial losses that are leading them to do all that.