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Michelle Gass

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business1 year ago

"Levi's Cuts Over 140 Jobs at San Francisco Headquarters"

Levi Strauss & Co. is laying off 146 employees at its San Francisco headquarters as part of a global productivity initiative, with more widespread terminations expected in the first half of 2024. The company, known for its iconic blue jeans, is aiming to tighten its belt amid macroeconomic challenges and issues within its U.S. wholesale business. Incoming CEO Michelle Gass is overseeing the layoffs, which are part of a cautious approach in light of recent volatility. The company also secured a $170 million deal to keep its name on the San Francisco 49ers stadium until 2043.

via Fox Business|
#business#global-productivity-initiative#layoffs
business1 year ago

Levi's Announces Up to 15% Global Workforce Cut

Levi Strauss & Co. plans to cut up to 15% of its global workforce as part of a restructuring effort under new CEO Michelle Gass, with the layoffs expected to impact between 500 and 700 people. The company aims to tighten its belt amid macroeconomic challenges and issues in its U.S. wholesale business, and is implementing a global productivity initiative called Project FUEL to drive long-term profitable growth. Gass, set to take over as CEO at the end of the month, seeks to transform the company into a denim apparel lifestyle business amidst a trend of workforce reductions in various industries.

via Fox Business|
#business#global-workforce#layoffs
business2 years ago

Levi Strauss Implements Global Workforce Cuts in Restructuring Effort

Levi Strauss plans to cut 10-15% of its global corporate jobs and exit its Denizen brand in an effort to rein in costs and focus on upscale products under new CEO Michelle Gass. The company's weak forecast is attributed to the fallout of an inventory glut, consumer inflation, and weaker foreign currency exchanges, impacting its wholesale business. Levi's aims to shift focus to direct-to-consumer sales and expand into lighter-weight denim and athletic wear, while also experiencing shipping delays and planning to cut back on off-price sales. The company expects these initiatives to generate net cost savings of $100 million in 2024, but its forecasted revenue and profit fall below Wall Street expectations, leading to a 1.7% drop in after-hours trading.

via New York Post |
#business#corporate-layoffs#cost-cutting