Levi Strauss Cutting 800 Jobs

SAN FRANCISCO (CBS/AP) — Levi Strauss & Co. is planning to eliminate about 800 jobs as part of restructuring efforts over the next 12 to 18 months.

The privately held company said Wednesday that the positions being eliminated represent almost 20 percent of its non-retail and non-manufacturing employees.

The job eliminations are part of the first phase of the restructuring plan. That phase is expected to result in about $75 million to $100 million in annual savings, before restructuring and related charges. Those charges, which will total approximately $65 million, will mostly be recorded in the first quarter.

The entire restructuring plan is expected to deliver $175 million to $200 million a year in savings.

Levi Strauss says additional charges will be recorded in the future.

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