L.L. Bean plans to open only one store this year rather than the anticipated eight. A plan to offer voluntary retirement incentives to some employees was also recently announced. According to reports, the company still has a goal of having 32 stores in operation in 2010, but isn't committed to a specific timetable.
The store in Dedham, MA will open on July 24. Two other stores in Malvern, PA, and Rochester, NY are slated to open next year.
L.L. Bean currently operates 12 stores, including its flagship location in Freeport, ME.
Revenue was down 7.8% to $1.5 billion for the fiscal year ending in February. It was only the third time the company has seen declining revenue since 1960.
