Levi’s to slash global workforce by up to 15% as part of 2-year restructuring plan – Daily News

on Jan26
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By ANNE D’INNOCENZIO | AP Retail Writer

NEW YORK — Denim giant Levi Strauss & Co. said Thursday that it’s slashing its global corporate workforce by 10% to 15% in the first half of the year as part of a two-year restructuring plan that seeks to cut costs and simplify its operations.

The company employed about 19,100 people as of the end of November, according to its annual report filed with securities regulators.

San Francisco-based Levi’s said the restructuring is expected to generate net cost savings of $100 million in the current fiscal year. It estimates it will book charges of $110 million to $120 million in the first quarter and said there could be more restructuring charges ahead.

Levi’s announced Thursday that its net revenue was up 3% to $1.64 billion in the fourth quarter that ended Nov. 26. That came below analysts’ expectations for $1.66 billion, according to FactSet.



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