L.L. Bean has started its corporate downsizing by offering employee buyouts to hundreds of full-time workers.

According to the BDN, L.L. Bean is looking to reduce its workforce by 10 percent, which  works out to 500 full-time positions. Out of 5,000 total employees, 4,000 of them are in Maine, working at call centers, manufacturing plants, retail stores, and administrative offices. The reduction in workforce is being handled through employee buyouts, offered to all eligible employees. To qualify, the employee must be 55 years of age or older, and have worked for the company for at least 15 years. Those who accept the buyout will also get a stipend for medical premiums and some pension benefits.

In addition, the company has stopped contributing to its pension plan. A company spokesperson told the BDN that the economic measures are necessary after a couple of years with no increase in sales. L.L. Bean is Maine's fifth largest employer.