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Levi Strauss collapses: will lay off 700 employees after losing 322 million

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Levi Strauss puts the bandage on before the wound. The American company has not only lost 322 million, which will force it to lay off 700 employees, it has also recognized that the coronavirus will have an even greater impact on its accounts in the second half of the year. After hearing this news, its shares have lost more than 8% on Wall Street.

With these readjustment measures, the clothing manufacturer seeks to save about $ 100 million a year. The 700 employees represent 15% of its total workforce.

Levi has just announced a 25% increase in his online business in the second fiscal quarter, ended May 24, thanks to the pandemic. "We started the year with strong momentum, but the global pandemic and the economic crisis had a significant adverse impact on our second quarter results", said Chip Bergh, president and CEO of the firm.

The US textile comes from accounting for losses of $ 210.8 million in the first half of its fiscal year. Its income has plummeted 27% in that period, to 2,003 million dollars.

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