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L.L.Bean announced Friday it plans to eliminate 100 positions this spring and will not be awarding performance bonuses this year.
The Portland Press Herald reported that L.L.Bean President and CEO Steve Smith told employees in a memo that 2017 was a challenging year, with a slight drop in sales and shipping problems related to a systems upgrade.
“Given these headwinds, L.L.Bean delivered overall sales revenues slightly under 2016 results, and net sales finished at $1.6 billion,” Smith said. “We regret the company performance will not allow L.L.Bean to pay a cash performance bonus for 2017.”
In two another cost-cutting measure reported by the Press Herald, L.L.Bean announced it also planned to stop subsidizing the cost of medical and dental insurance for employees who work fewer than 30 hours a week and would be offering another round of early retirement packages this spring to eligible employees.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
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