Robert Haas: Jean TherapyLinda Himelstein
Faded denim? Levi Strauss, the San Francisco company that put the world into blue jeans, is feeling the pinch of competition. On Nov. 3, CEO Robert Haas announced that Levi's will shutter 11 of its 37 plants in the U.S. and Canada and lay off a third of the workforce. Demand for Levi's jeans is down, while competition from designer labels and store brands is up. "After a decade of unprecedented growth, we probably overextended the boundaries of our business," says Haas.
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