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Levis Strauss to eliminate about 800 jobs

Levis Strauss plans to cut about 800 jobs, which represents almost 20 per cent of its non-retail and non-manufacturing employees.

Levi Strauss & Co is planning to eliminate about 800 jobs as part of restructuring efforts over the next 12 to 18 months.

The privately held company said on Wednesday that the positions being eliminated represent almost 20 per cent of its non-retail and non-manufacturing employees.

The job eliminations are part of the first phase of the restructuring plan.

That phase is expected to result in about $US75 million ($A82 million) to $US100 million ($A109.4 million) in annual savings, before restructuring and related charges.

Those charges, which will total approximately $US65 million, will mostly be recorded in the first quarter.

The entire restructuring plan is expected to deliver $US175 million to $US200 million a year in savings.

Levi Strauss says additional charges will be recorded in the future.


1 min read

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Source: AAP


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