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The Boat & Tote Blues

At first glance, L.L.Bean should be thriving—its boat and tote and field jackets connect with yet another generation of stylish, prep-adjacent shoppers. But revenue is flat, more layoffs are coming, and the company is no longer the trusted outfitter of yore. Can the iconic Maine retailer navigate these troubled waters?

Shawn Gorman
Executive chairman Shawn Gorman (pictured) and C.E.O. Stephen Smith are hoping that a multiyear, $50 million renovation of the company’s flagship Freeport store can help turn things around. Photo: Shawn Patrick Ouellette/Portland Press Herald/Getty Images
Sarah Shapiro
March 25, 2025

L.L.Bean, the outdoorsy Maine retailer and mainstay of American prep, has everything a shopper could want: iconic, trend-proof products; legendary customer service; a flagship store that doubles as a New England tourist mecca; and the enduring admiration of fashion cool kids of every generation. Yet the family-owned company, founded 113 years ago by Leon Leonwood Bean—yes, that’s where the name comes from—is struggling to maintain retail momentum. And despite two rounds of layoffs last year, L.L.Bean’s financial position is still less sturdy than its original barn jackets or famous duck boots.