Posted 1/26/2024, 4:45:00 PM
Levi's to Cut Up to 15% of Workforce, 700 Jobs, As Part of Restructuring Aimed at Profit Growth
- Levi Strauss & Co. plans to cut up to 15% of its 20,000 global employees, impacting 500-700 people, as part of a restructuring and cost reduction plan
- The layoffs are part of a new multi-year productivity initiative called Project FUEL to drive profitable growth
- Cuts will take place in the first half of 2023 under incoming CEO Michelle Gass who aims to transform Levi's into a denim apparel lifestyle company
- Layoffs come as Levi's deals with volatility and macroeconomic challenges in its U.S. wholesale business over the past year
- Levi's joins other major companies like Amazon, Google, Citi and the LA Times in workforce reductions to start 2023