Levi's, Toys 'R' Us Slash Jobs

The companies behind two iconic American brand names have announced plans to cut hundreds of jobs to meet a tough competitive environment. Jeans maker Levi Strauss & Co. and toy store operator Toys 'R' Us announced the planned layoffs after reporting weaker sales and too much price-slashing over the all-important holiday season.

San Francisco-based Levi Strauss will cut about 800 jobs around the globe. Most are management positions. The company said it had to slash prices to compete during the holiday season, and also said its sales of clothing in the juniors and misses departments were weak.