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February 6, 2018

L.L.Bean midway through its workforce reduction buyout plan

Courtesy / KMF146, FLICKR
Courtesy / KMF146, FLICKR
L.L. Bean is a little more than midway through an employee buyout plan that began Jan. 1 with the goal of reducing its 5,000-employee workforce by 10%, or roughly 500 full-time workers.

L.L. Bean is a little more than midway through an employee buyout plan that began Jan. 1 with the goal of reducing its 5,000-employee workforce by 10%, or roughly 500 full-time workers.

The buyouts — which were announced last February among other cost-cutting measures spurred by a couple of years of flat sales — will continue through the end of February, L.L.Bean spokeswoman Carolyn Beem told the Bangor Daily News.

Beem told the BDN that approximately 900 full-time workers who've been employed by L.L.Bean for at least 15 years and are 55 years or older have the option to take the buyout. She said the company expects 500 will do so, but declined to state how many have accepted the buyout, which includes a stipend for medical payments and some pension benefits, so far.

L.L.Bean's Maine workforce totals 4,000, the BDN reported.

L.L.Bean announced last February that in addition to offering voluntary early retirements it would be freezing pensions and rethinking policies affecting shoppers, such as its free shipping and "satisfaction guaranteed" return policies. At the same time, it noted that it would boost its 401(k) savings contributions to all its workers, including the 1,000 out-of-state store employees who were not previously eligible for the full pension.

The company also said a year ago it would be looking at a "redesigned benefits program" that would include expanded parental leave, elder-care support and more flexible time off.

Read more

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L.L.Bean announces bonuses for workers

L.L.Bean offers buyouts, rethinking its return policies

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