Could Nike be the next giant domino to fall along with Blockbuster, Sears, Toys “R” Us and Circuit City?

We all know that Hindsight is 20/20. When looking at what caused the other Giants to fail, it looks like Nike might be repeating the same mistakes. From what I understand, Nike‘s free cash flow has not covered its dividends for the first time ever. The stock is now trading a 12-year low and as of premarket today, the decline continues at a rapid pace.

What is Nike missing that defunct giant retailers also missed that could’ve prevented their collapse? Is there something else that nobody is seeing right now, but will be painstakingly obvious in the future?