When you think of Nike, you might picture swooshy sneakers flying off shelves, but hold on to your Air Jordans – the world’s largest shoemaker is in serious trouble. Last quarter, Nike reported a staggering 9% drop in global sales, with China, the land of more sneakers than people, witnessing a jaw-dropping 17% tumble. Ouch!

Even in North America, Nike’s biggest market, sales are limping along with a dismal 9% decline. Investors might breathe a sigh of relief as the stock rose about 4% in after-hours trading because let’s be real, it could’ve been worse (thanks, maybe, to low expectations?). But anyone peeking at the year-long trend knows it’s been a rough ride, with shares plummeting around 30% over the past year.

What gives? Well, Nike is not just competing against other brands – it’s up against waves of consumers trading in their pricey kicks for more sensible basics. Apparently, it’s hard to justify spending a mortgage payment on sneakers when sweatpants can look just as chic at the grocery store. Who knew practicality could hit so hard?

In an effort to rescue their bottom line, Nike is slashing supply of its iconic lines like Air Force 1 and Pegasus, hoping to up the hype and sell these staples for full price. Spoiler: This strategy has had all the grace of a hippo on stilts. The company also decided to end its long-standing partnerships with various retailers, which, surprise surprise, backfired. Analysts noted that abandoning third-party sellers was a huge miscalculation; consumers still like to shop outside the Nike bubble.

As if the sneaker gods were watching, Nike has now reinstated some of these partnerships. Meanwhile, they’re banking on CEO Elliott Hill, a former exec who clambered back up the company ladder, and trendy collaborations with celebs like Kim Kardashian to boost profits. Watch out for NikeSkims, launching this spring, which means yet another line of workout gear meant to flatter the masses.

So, what’s next for Nike? Stay tuned, because the sneaker saga is just hitting its stride. Will these legendary kicks be able to leap into a brighter future, or are they destined to get left behind like last season’s trends? One way to find out: keep your eyes on the stock ticker and your wallet wide open.

The world is watching, Nike. Make your move!