Nick Statt, reporting for CNET:

Nike is gearing up to shutter its wearable-hardware efforts, and the sportswear company this week fired the majority of the team responsible for the development of its FuelBand fitness tracker, a person familiar with the matter told CNET.

As early as this fall, Nike planned on releasing another iteration of the FuelBand — an even slimmer version — but cancelled the project, and it appears to have shelved all future physical product projects under the Digital Sport helm, the person familiar with the matter added.

One might argue it never really made sense for a shoe maker to build hardware. Still, it’s an interesting move, at an interesting time, especially when you know Tim Cook is on Nike’s board.