Levi Strauss & Co. is cutting 800 jobs as part of a new restructuring plan that is expected to save between $175 million to $200 million in annual savings. The streamlining will take place over the next 12 to 18 months.
The company’s products are sold in about 2,800 retail stores and shop-in-shops globally, as well as online.
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The entire restructuring plan is expected to deliver $175m to $200m 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.The privately owned company hopes that the cuts will improve not only its financial health, but also ensure that it becomes more competitive in the marketplace.
Reports The Telegraph