L.L. Bean: Layoffs possible in new year

The Associated Press
Posted Dec. 23, 2008, at 10:01 a.m.

FREEPORT, Maine — Hit hard by the recession, Maine’s L.L. Bean is considering company restructuring, cost cutting and even layoffs.

An e-mail memo from President and Chief Operating Officer Chris McCormick obtained by the Times Record newspaper of Brunswick, Maine, indicates the catalog retailer missed its sales targets by “10 percent or more.” And the new year isn’t looking any better.

McCormick says the company plans to offer voluntary retirement incentives and to open only two of eight previously planned new stores next year.

But those cost-saving measures may not be enough to avoid layoffs. McCormick says decisions will be made after the holidays, in January of February.

http://bangordailynews.com/2008/12/23/business/ll-bean-layoffs-possible-in-new-year/ printed on August 27, 2014