Nike has reportedly fired most of its FuelBand team and is getting out of the hardware business

Nike has let go most of the members of its FuelBand wearables unit and will stop developing new versions of the device, according to a report by CNET. The tech news site quoted an unnamed person “familiar with the matter” as saying that the firm has laid off 70 to 80 percent of its 70-person hardware division and will not produce a new version of the FuelBand, but will continue to sell the existing version. Some industry observers believe Nike has decided to align itself with Apple, which is expected to launch an iWatch or other wearable device that might run Nike’s Fuel software. Apple CEO Tim Cook is a member of Nike’s board.

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