Levi Strauss is set to lay off a minimum of 10% of its global corporate workforce as part of a restructuring, the company announced. The apparel retailer anticipates weaker sales this year, prompting the job cuts, which are expected to affect up to 15% of corporate employees. With over 19,000 employees as of November, the exact impact on the corporate offices is uncertain.
These cuts are projected to result in $110 to $120 million in restructuring charges in the first quarter. This move comes amidst a series of early year layoffs in the retail industry, with companies like Macy’s and Wayfair also announcing job cuts in an effort to revitalize sales and profits.
Levi Strauss made this announcement while reporting fiscal fourth-quarter earnings and forecasting a challenging year ahead.
2024-01-26 10:00:47
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