March 26 Apparel company Levi Strauss & Co said it would cut about 800 jobs, or about 20 percent of its non-retail and non-manufacturing workforce, to help streamline its operations.
Levi Strauss, which had about 16,000 employees as of Nov. 24, did not specify where the job cuts would occur but said it reflected a reduction of management layers.
The San Francisco-based company, famous for its denims, said it expected to generate annualized cost savings of $175 million-$200 million when it completed its streamlining plan.
The company said the first phase of the program, which includes the job cuts, would generate about $75 million-$100 million in annualized savings before restructuring and related charges.
The company said restructuring and related charges of $65 million would primarily be recorded in the first quarter. (Reporting by Maria Ajit Thomas in Bangalore; Editing by Don Sebastian)