Levi Strauss slashing corporate jobs, looking to go upscale under new CEO Michelle Gass
Levi Strauss & (LEVI) New York Post·2024-01-26 08:28
Levi Strauss forecast annual sales and profit below Wall Street expectations on Thursday and said it would cut 10% to 15% of global corporate jobs as the denim maker seeks to rein in costs amid weakness in its wholesale business.Levi attributed the weak forecast to plans to exit its Denizen brand and cut back on off-price sales, as well as weaker foreign currency exchanges. The company also missed fourth-quarter revenue estimates.The fallout of an inventory glut last year and consumers feeling the pinch fr ...