L.L. Bean Plans To Expand Number Of Store Locations, Hire More Workers

L.L. Bean is best known for selling boots and other outdoor wear through its mail-order catalog. But on Wednesday, the Maine-based company announced plans to triple the number of brick-and-mortar stores it operates, according to The Associated Press.

In a memo to employees, CEO and president Chris McCormick said the company would open four stores this year en route to "at least 100" by 2020. L.L. Bean currently operates 26 stores.

The board also announced a 5 percent bonus for its 5,300 workers. That comes out to $1,500 to $2,000 for every full-time hourly employee, according to the company.

L.L. Bean does not disclose its worker compensation. But according to the website Glassdoor, which posts employee reviews of companies, wages for sales positions at L.L. Bean hover around $10 to $11 per hour.

Retail is one of the fastest-growing sectors in the U.S. economy. The L.L. Beans news comes as Minnesota-based Target undertakes mass layoffs. On Tuesday, the company cut 1,700 jobs at its corporate headquarters in Minneapolis.