Nike shares are pulling back today as the company faces continued investor skepticism regarding the pace of its corporate turnaround, which has pushed the stock to a 12-year low. This downward momentum is compounded by news that the company is shuttering two dozen Nike Well Collective stores across 12 states, signaling a retreat from its small-format retail strategy. The decline is occurring alongside a broader downturn in the apparel and footwear sector, with peers like Lululemon and Deckers Outdoor also trading lower.