L.L. Bean

After 10 years at L.L Bean, CEO and President Stephen Smith is leaving the Freeport-based retailer.

L.L. Bean is suing the Wisconsin-based company 4Imprint for trademark infringement of its signature Boat and Tote bag.

The Freeport-based retailer said 50-75 employees will be affected and cited "the fluctuating retail landscape" as a reason for the announcement.

L.L. Bean said the move is a "strategic response to long-term customer trends," and not part of any larger cuts.

L.L. Bean cut the ribbon on its $110 million Freeport headquarters Thursday. Executive Chairman Shawn Gorman, great-grandson of L.L. Bean, said that the design is intended to bring the outdoors inside.

The outdoor retailer reported record sales of apparel, with triple-digit growth in comfort wear in 2022. The iconic Bean Boot celebrated its 110th anniversary, fueling a 24% increase in boot sales.

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