L.L. Bean To Cut 300 Employees

Share this content:
L.L. Bean will eliminate 300 jobs from its regular work force within two months, the company said yesterday.


L.L. Bean announced several weeks ago that more than 200 employees had accepted an early retirement package offered to more than 500 employees in November. The company employs about 4,300 year-round workers in Maine, where most of the eliminations will take place.


President/CEO Chris McCormick cited declining prices, "especially in the retail apparel sector," budgeting of annual wage increases and escalating healthcare costs as reasons for the layoffs. Other factors mentioned include a shift in order volume from the telephone to the Internet and the elimination of the Freeport Studio apparel division.


The company described 2002 as being a solid year financially, with improved results over 2001.


Other factors McCormick cited included the "highly competitive and price deflationary retail environment." Still, he credited a free-shipping promotion as having "returned one of the strongest Decembers in our history."


Those terminated will receive four weeks transition pay plus a minimum of one week's pay for each year of service with the company, and those described as "long service employees" will receive extra severance in recognition of their time with the company.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above