L.L. Bean says sales declined slightly over the past year and that there will be no bonus for workers for the first time since 2008.
The Maine-based outdoors retailer announced Friday annual revenue of $1.6 billion, which was nearly flat, for its fiscal year.
CEO Steve Smith said nearly 500 workers took advantage of a voluntary early-retirement program and that another 100 jobs will be eliminated next month. There will be a net loss of 400 jobs after some jobs are refilled. The company employees 6,000 people.
The workforce reduction, a tightening of the company's returns and shipping policies, and pension changes are part of Bean's efforts to return to revenue growth. Smith said the changes will provide momentum "to set the company on the path to a more prosperous future."