In a press release circulated yesterday, Levi’s announced that it would be cutting 700 jobs (roughly 15% of its workforce) globally due to an economic slump caused by the global pandemic. The denim giant’s revenue was down 62% in the second quarter as a result of store closures during stay-at-home orders. The elimination of jobs will save $100 million annually. This unfortunate news comes at a point when we had been speculating that Levi’s would take a deeper dive into skateboarding. That, like many other things, is certainly on hold for the foreseeable future.