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Levi Strauss to cut 700 jobs

  

Levi Strauss & Co, which expects its business to be hit in the second half of the year, plans to cut about 700 jobs in non-retail, non-manufacturing segments that would help it save $100 million annually.

Met with temporary closure of its own stores as well as partner outlets, Levi introduced curbside pickup and started fulfilling online orders at its stores as customers turned to online shopping to avoid contact with people. The company reported a 25 per cent increase in its online business in the second quarter ended May 24, with a month-over-month rise of nearly 80 per cent in May.

The company also expects its margins for the rest of the year to be under pressure as it tries to offload excess inventory that remained unsold during the lockdowns.

 
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