San Francisco-based Levi Strauss & Co. It is the latest company in the Bay Area to announce a major round of layoffs. in Quarterly report The denim company said Thursday that it will reduce its global corporate workforce by 10% to 15% over the coming months.
The cuts are part of an initiative that Levi Strauss hopes will save the company $100 million, expected to come during the first half of the year. The quarterly report did not indicate which offices would be affected by the layoffs.
After this announcement, the company's shares rose It fell by up to 2.2% after hours. Since its peak in the spring of 2021, the company's stock price has fallen nearly 50%.
Levi Strauss & Co. was founded in San Francisco in 1853. Breakthrough in selling denim work pants to miners during the California Gold Rush. It has since become one of the largest clothing companies in the world, with a market capitalization of approximately $6.24 billion.
The company remains headquartered in San Francisco and maintains a strong footprint in the Financial District, including Levi's Plaza at 1105 Battery St. Given its 170-year history, there may be no brand more closely associated with San Francisco than Levi's.
News of the layoffs comes on the heels of Levi Strauss & Co. Announcing the extension of its naming rights deal with the San Francisco 49ers stadium in Santa Clara. Earlier Thursday, the company and the 49ers agreed to a $170 million sponsorship extension for Levi's Stadium — which hosts Sunday's NFC Championship Game — that will run through 2043, pending approval.
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