Levi Strauss to Eliminate 500 Jobs

Denim jeans marketer Levi Strauss & Co. will shed 500 jobs, primarily from signing a five-year strategic agreement with Wipro Limited to outsource certain global business services.

This decision comes in the new phase of its global productivity initiative earlier announced in March 2014 and is expected to generate net annualized cost savings of $175 million to $200 million, once fully implemented.

"In this next phase of the productivity initiative, approximately 500 positions will be eliminated, primarily due to the decision to partner with Wipro, a leading global information technology, consulting and business process services company," Levis Strauss said.