Levi Strauss & Co. announced Thursday that its global corporate workforce is being cut by 10 percent to 15 percent in the coming months.
The layoffs are part of the company’s two-year restructuring plan to cut costs and simplify operations.
The big picture: Levi’s projects to save around $100 million this fiscal year from the cuts, which could be followed by more.
- Levi’s employed around 19,100 people as of November, according to its annual report.
- Further, Levi’s announced that its net revenue had increased three percent to reach $1.64 billion in the fourth quarter.
- Former Kohl’s CEO Michelle Gass will be taking over as president of Levi’s on Jan. 29 as CEO Chip Bergh nears retirement.
