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Levi Strauss will lay off at least 10% of its global corporate workforce as part of a restructuring, the apparel retailer said Thursday.
The job cuts will take place in the first half of the year, and could affect up to 15% of corporate employees, Levi’s said. The company had more than 19,000 employees as of November, but it is unclear how much of that workforce is in corporate offices.
The cuts come amid a wave of early-year layoffs within the retail industry and across a range of public companies. Macy’s and Wayfair both announced job cuts this month, as both older and newer retailers try to kickstart sales and boost profits.
The company made the announcement as it reported fourth-quarter earnings. Here’s what Levi’s reported compared with what Wall Street expected, according to analyst estimates compiled by LSEG, formerly known as Refinitiv:
- Earnings per share: 44 cents adjusted vs. 43 cents expected
- Revenue: $1.64 billion vs. $1.66 billion expected
The company’s shares fell more than 2% in extended trading Thursday.
This is breaking news. Please check back for updates.