The Freeport-based company says it is freezing all wages and salaries for the entire workforce in the comming year.
Company spokeswoman Carolyn Beem says the move eliminates the need to terminate 75 to 100 positions.
L.L. Bean is also offering early retirement incentives to all employees 55 and older who have been with the company for at least five years.
The freeze will take effect in March.
5,500 employees work for the company.