Levi’s to Lay Off , up to 15% of Global Workforce.
On Jan.
25, Levi Strauss & Co.
Said that it will cut 10%-15% of its workforce worldwide, Fox Business reports.
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The cuts will take place under the company's incoming CEO, Michelle Gass.
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There's been a lot of volatility this past year, some in our control, some outside.
And so we are taking a cautious approach as we look forward, Michelle Gass, incoming CEO of Levi's, via earnings call.
Levi's employs about 20,000 people globally, which means between 500 and 700 people will be let go, Fox Business reports.
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The departments and regions that will be impacted have yet to be disclosed.
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While Levi's hasn't commented on the layoffs, it previously said that its board has approved Project FUEL, "a multi-year global productivity initiative," Fox Business reports.
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The initiative is intended to stoke "long-term profitable growth.".
The success of these strategic initiatives drove our growth in the fourth quarter and positioned us to create outsized long-term shareholder value in the years ahead, Michelle Gass, incoming CEO of Levi's, via earnings call.
Gass is slated to take over the company on Jan.
29
