August 24, 2019
Business Latest News | Blue Hill Mansions | Bangor Metro | Colonial Fort | Today's Paper

LL Bean: No bonus after tough year, more jobs to be cut

Robert F. Bukaty | AP
Robert F. Bukaty | AP
In this Friday, Feb. 2, 2018 photo customers leave the LL Bean retail store in Freeport, Maine.

FREEPORT, Maine — L.L. Bean says sales declined slightly over the past year and that there will be no bonus for workers for the first time since 2008.

The Maine-based outdoors retailer announced Friday annual revenue of $1.6 billion, which was nearly flat, for its fiscal year.

[Citing fraud, LL Bean drops its unlimited return policy]

CEO Steve Smith said nearly 500 workers took advantage of a voluntary early-retirement program and that another 100 jobs will be eliminated next month. There will be a net loss of 400 jobs after some jobs are refilled. Bean employees 6,000 people.

[LL Bean starts employee buyouts, ends pension plan]

The workforce reduction, a tightening of the company’s returns and shipping policies, and pension changes are part of Bean’s efforts to return to revenue growth. Smith said the changes will provide momentum “to set the company on the path to a more prosperous future.”

Follow the Bangor Daily News on Facebook for the latest Maine news.

Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like