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Article Date: March 2018
Word Count: 208

L.L. Bean Plans Layoffs after Flat 2017


Sales were flat at about $1.6 billion last year, Bean CEO Steve Smith said in a memo to employees, and the retailer will not pay any year-end bonuses to employees for the first time since the great recession. Bean will cut its staff of 6,000 by about 10% this year through early retirement or layoffs, and 500 employees accepted a package last month. About 100 more positions are set to be cut, though affected workers will be able to apply for other positions in the company. This is the second year of no top line sales growth for Bean, which ... Log in to view full article.

 


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