L.L. Bean Launches Employee Buyouts, Cuts Pension Plan

Famed clothier L.L. Bean — whose heiress Linda Bean is a strong supporter of President Donald Trump — has started an employee buyout plan after several years of flat sales.

Other belt-tightening measures by the company, Maine's fifth largest employer, include the ending of its contributions to a pension plan, The Bangor Daily News reports.

L.L. Bean plans to reduce its workforce by 500 full-time people, or 10 percent of its 5,000 employees, company spokeswoman Carolyn Beem told the newspaper.

Last year, Linda Bean, granddaughter of the company founder Leon Leonwood Bean, caused a stir when it was revealed she gave $60,000 to Making America Great Again LLC, a political action committee supporting Donald Trump for president.

The amount was called excessive by the Federal Election Commission and triggered a boycott of the company by a consumer watchdog group.

Shortly before he was inaugurated, Trump thanked Linda Bean for her support, and urged people to buy from L.L. Bean in a tweet.

Thank you to Linda Bean of L.L.Bean for your great support and courage. People will support you even more now. Buy L.L.Bean. @LBPerfectMaine

— Donald J. Trump (@realDonaldTrump) January 12, 2017

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