Levi's is slashing 700 jobs — a total of 15% of its total workforce — as it becomes the latest victim of the coronavirus pandemic
Levi'sis slashing 700 jobs totaling 15% of its workforce in response to plummeting sales during the coronavirusoutbreak.
- The cuts come just one day after Lucky Brand announced it will permanently shutter 13 stores after filing for Chapter 11 bankruptcy protection last week.
- "We started the year with strong momentum, but the global pandemic and economic crises had a significantly negative impact on our second-quarter results, as our stores and most wholesale doors were closed around the world for the majority of the quarter," Levi's CEO Chip Bergh said in a press statement on Tuesday.
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Levi's is slashing 700 jobs — a total of 15% of the San Francisco-based denim company's workforce — in response to plunging sales during the coronavirus outbreak.
In an announcement on Tuesday, Levi's CEO Chip Bergh said the cuts will include "non-retail, non-manufacturing" jobs and will allow the company "to become a leader and more market-responsive organization."The downsizing comes alongside poor sales for the denim company due to temporarily shuttered stores, including a net revenue drop of 62% and a net loss of $364 million.
"We started the year with strong momentum, but the global pandemic and economic crises had a significantly negative impact on our second-quarter results, as our stores and most wholesale doors were closed around the world for the majority of the quarter," Bergh said in a press statement.
"The COVID-19 pandemic has severely impacted sales across all channels," Matthew A. Kaness, Lucky Brand interim CEO and executive chairman, said in a press statement on Monday. "While we are optimistic about the reopening of stores and our customers' return, the business has yet to recover fully. We have made many difficult decisions to preserve the company's viability during these unprecedented times."
For Levi's, the company plans to continue to focus on digital growth and engaging with younger consumers like Gen Z, a demographic that Levi's recently experimented with in a series of TikTok campaigns to early success.
"The pandemic is accelerating
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