Thursday
January
29
2015
12:24 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 
Levi Strauss to eliminate about 800 jobs
March 27, 2014, 05:00 AM The Associated Press

SAN FRANCISCO — Levi Strauss & Co. will eliminate about 800 jobs, almost 20 percent of its non-retail and non-manufacturing employees, over the next 12 to 18 months.

The privately held company said that its restructuring plan will help it become more competitive, lower costs and improve its financial health.

Last month, the company said that its fourth-quarter gross profit weakened because it had to increase markdowns due to a slower holiday season and softness in its Levi’s juniors and misses businesses.

Levi Strauss said Wednesday that the cuts will primarily be management positions across the world. It is also getting rid of what it considers duplicate roles. Levi Strauss, which also makes the Dockers and Denizen brands, said that final plans will vary by country, and estimates for headcount and the timing of the job cuts may change.

The company’s products are sold in about 2,800 retail stores and shop-in-shops globally, as well as online.

The job cuts are part of the first phase of a restructuring plan that is expected to result in about $75 million to $100 million in annual savings, before accounting charges related to those cuts. Those charges, which will total about $65 million, will mostly be recorded in the first quarter.

The entire restructuring plan is expected to deliver $175 million to $200 million a year in savings, the company said.

Levi Strauss, which is based in San Francisco, said that additional charges will be recorded in the future.

 

 

Tags: million, about, strauss, restructuring, company, which,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
Do you think electronic cigarettes should be prohibited in the same places cigarettes are?

Yes, we don't know the dangers
No, they are harmless to others
Maybe, but they're still safe
We should do what we can to encourage use since they're less harmfull than cigarettes
Who cares, they're lame

 

 
 
 
 
 
 
 
Obama to seek to bust spending limits by $74 billion
WASHINGTON — President Barack Obama will ask Congress to boost government spending by roughly 7 pe..
Gas blast at Mexico children's hospital, at least 4 dead
MEXICO CITY — Rescuers swung sledgehammers to break through fallen concrete in hunt for survivors ..
Ukraine: Russia-backed rebels overrun another town in east
ARTEMIVSK, Ukraine — Ukraine's military has acknowledged that Russia-backed separatists have overr..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
San Mateo County legal notices