Levi Strauss (NYSE:LEVI) layoffs are coming for the company’s employees in 2024 as it prepares to cut costs and save money in a tough economy.
That update came in the company’s earnings report for the fourth quarter of 2023. In that update, Levi Strauss said the layoffs will affect between 10% and 15% of its corporate workforce and save it $100 million this year.
Levi Strauss notes that these layoffs are set to take place in the first half of 2024. The company also expects to suffer $110 million to $120 million in charges related to these actions in the first quarter of the year.
Levi Strauss Chief Financial and Growth Officer Harmit Singh said the following about the company’s plans for 2024:
“Looking forward, we are focused on margin execution supported by gross margin expansion and by our global productivity initiative, which gives us clear line of sight to significant annual cost savings.”
Levi Strauss Joins Layoffs Trend
Investors are seeing a lot of layoffs this year as companies prepare to deal with a tough economy in 2024. Heightened inflation and interest rates continue to weigh on businesses and are a major factor affecting job cuts.
Levi Strauss also isn’t the only company in the retail market that has announced layoffs. Macy’s (NYSE:M) and Wayfair (NYSE:W) announced job cuts earlier this month as well.
LEVI stock is down 1.6% as of Friday morning.
Investors looking for more of the most recent stock market stories are going to want to keep reading!
We have all of the hottest stock market news that traders need to know about on Friday! Among that is what’s happening with SU Group (NASDAQ:SUGP), Aptose Biosciences (NASDAQ:APTO) and Ekso Bionics (NASDAQ:EKSO) stock today. You can read all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
