L.L. Bean, the Freeport, Maine-based catalog operator, won't hand out employee bonuses for the second time in three years. The decision to eliminate the year-end bonuses was driven by disappointing sales figures, spokeswoman Catharine Hartnett said. While overall sales rose by 3% in 1997 to $1.07 billion, the company had hoped to realize a 10% hike. From 1988 to 1996, bonuses equaled 10% of an employee's annual salary. Employees instead will receive raises based on individual performance.
Copyright © 2019, Los Angeles Times