Levi’s to Lay Off , up to 15% of Global Workforce.
On Jan.
25, Levi Strauss & Co.
Said
that it will cut 10%-15% of its workforce worldwide, Fox Business reports.
.
The cuts will take place under the
company's incoming CEO, Michelle Gass.
.
There's been a lot of volatility this past
year, some in our control, some outside.
And so we are taking a cautious
approach as we look forward, Michelle Gass, incoming CEO of Levi's, via earnings call.
Levi's employs about 20,000 people
globally, which means between 500 and 700 people will be let go, Fox Business reports.
.
The departments and regions that will be impacted have yet to be disclosed.
.
While Levi's hasn't commented on the layoffs, it previously said that its board has approved Project FUEL, "a multi-year global productivity initiative," Fox Business reports.
.
The initiative is intended to stoke
"long-term profitable growth.".
The success of these strategic
initiatives drove our growth in
the fourth quarter and positioned
us to create outsized long-term
shareholder value in the years ahead, Michelle Gass, incoming CEO of Levi's, via earnings call.
Beyoncé's Latest Album , Boosts Sales for , Western Style.
Beyoncé's Latest Album , Boosts Sales for , Western Style.
NBC reports that sales of western style
boots have surged over 20% since Beyoncé
released her recent 'Cowboy Carter' album. .
NBC reports that sales of western style
boots have surged over 20% since Beyoncé
released her recent 'Cowboy Carter' album. .
The album marked the music
superstar's first entry in
the country genre. .
According to consumer behavior firm Circana,
there were significant boosts to unit sales for
western style boots even before the full album dropped. .
According to consumer behavior firm Circana,
there were significant boosts to unit sales for
western style boots even before the full album dropped. .
The Wild West aesthetic started to
experience a surge with the release of
the singles 'Texas Hold 'Em' and '16 Carriages.'.
The Wild West aesthetic started to
experience a surge with the release of
the singles 'Texas Hold 'Em' and '16 Carriages.'.
Since the start of April,
Boot Barn shares have
shot up over 4%. .
NBC points out that the 32-time Grammy
winner's most recent album comes amid
a wave of cultural push for western-inspired styles.
Earlier this year, Louis Vuitton released the
American Western line at Paris Fashion Week. .
In addition to stagecoach-inspired boots,
the new line showcased western style
classics like bolo ties and cowboy hats.
The CEO of Levi Strauss, Michelle Gass, spoke to
analysts about the boost the company received from
a song on 'Cowboy Carter' being titled 'Levii's Jeans.'.
The CEO of Levi Strauss, Michelle Gass, spoke to
analysts about the boost the company received from
a song on 'Cowboy Carter' being titled 'Levii's Jeans.'.
I don’t think there’s any better evidence
or proof point than having someone like
Beyoncé, who is a culture shaper,
to actually name a song after us, Michelle Gass, CEO of Levi Strauss, via NBC.
I don’t think there’s any better evidence
or proof point than having someone like
Beyoncé, who is a culture shaper,
to actually name a song after us, Michelle Gass, CEO of Levi Strauss, via NBC
Credit: Wibbitz Top Stories Duration: 01:30Published
Tesla to Lay Off , Over 10% of Global Workforce.
In a memo obtained by Electrek, CEO
Elon Musk announced that at least 14,000 roles will be cut, 'The Guardian' reports. .
In a memo obtained by Electrek, CEO
Elon Musk announced that at least 14,000 roles will be cut, 'The Guardian' reports. .
Musk attributed some of the layoffs to
the fact that there had "been duplication
of roles and job functions in certain areas" amid periods of rapid growth.
Musk attributed some of the layoffs to
the fact that there had "been duplication
of roles and job functions in certain areas" amid periods of rapid growth.
As we prepare the company for our
next phase of growth, it is extremely
important to look at every aspect of
the company for cost reductions
and increasing productivity, Elon Musk, via internal memo.
As part of this effort, we have
done a thorough review of the
organization and made the difficult
decision to reduce our headcount
by more than 10% globally, Elon Musk, via internal memo.
There is nothing I hate more, but it
must be done. This will enable us
to be lean, innovative and hungry
for the next growth phase cycle, Elon Musk, via internal memo.
I would like to thank everyone
who is departing Tesla for their
hard work over the years, Elon Musk, via internal memo.
As of December 2023,
Tesla employed 140,473 people. .
Company shares dropped by over 1%
in premarket trading on April 15. .
Meanwhile, it was also reported on April 15 that BP is laying off over a tenth of its Pulse unit which deals with electric vehicle charging.
Credit: Wibbitz Top Stories Duration: 01:31Published
Credit Card Delinquencies , Are on the Rise.
New York Federal Reserve data that was published on May 15 shows that credit card delinquencies kept rising from January to March, Fox Business reports. .
In Q1 2024, delinquencies reached
8.9% at an annualized rate.
America hasn't seen this high of a
percentage of serious credit card
delinquencies since 2012, Fox News reports. .
In the first quarter of 2024, credit
card and auto loan transition rates
into serious delinquency continued
to rise across all age groups, Joelle Scally, regional economic principal within the Household and
Public Policy Research Division at the New York Fed, via Fox Business.
An increasing number of borrowers
missed credit card payments,
revealing worsening financial
distress among some households, Joelle Scally, regional economic principal within the Household and
Public Policy Research Division at the New York Fed, via Fox Business.
Researchers aren't sure why delinquencies
are so high since the unemployment rate
is low, but they have a few theories.
One of those theories is that consumers drained savings throughout the pandemic
but continue to spend at high levels.
Another theory is that some Americans switched to jobs with lower salaries.
Additionally, credit card eligibility may have been expanded for many whose student debt wasn't being reported to credit bureaus amid the pandemic.
These are all kinds of complex issues.
We don't exactly know what's behind the
increase of these delinquency rates. But it's
definitely something that we're tracking, New York Fed researchers, via Fox Business.
The average annual percentage rate for
credit cards hit a record of 20.72% recently.
Credit: Wibbitz Top Stories Duration: 01:31Published
![Beyoncé's Latest Album Has Boosts Sales for Western Style [Video]](https://video.newsserve.net/300/v/20240416/1372831212-Beyoncé-Latest-Album-Has-Boosts-Sales-for.jpg)
![Tesla to Lay Off Over 10% of Global Workforce [Video]](https://video.newsserve.net/300/v/20240415/1372729280-Tesla-to-Lay-Off-Over-10-of-Global.jpg)
![Credit Card Delinquencies Are on the Rise [Video]](https://video.newsserve.net/300/v/20240515/1375583962-Credit-Card-Delinquencies-Are-on-the-Rise.jpg)
