Tags: ll bean | emoloyee buyouts | flat sales

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

Image: L.L. Bean Launches Employee Buyouts, Cuts Pension Plan
(Robert F. Bukaty, File)

Wednesday, 07 February 2018 11:40 AM

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.

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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.
ll bean, emoloyee buyouts, flat sales
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2018-40-07
Wednesday, 07 February 2018 11:40 AM
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