Levi’s to slash its global workforce by up to 15% as part of a 2-year restructuring plan

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Denim giant Levi Strauss & Co. says that it’s slashing its global corporate workforce by 10% to 15% in the first half of the year. The company employed about 19,100 people as of the end of November. The job cuts announced Thursday are part of a two-year restructuring plan that seeks to cut costs and simplify operations. The San Francisco-based company said the restructuring is expected to generate net cost savings of $100 million in the current fiscal year. Levi’s also announced 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.