Pros
This company invented jeans! Working on iconic brands with passionate & talented people is often very inspiring. Benefits & time-off policies are good. Many corporate employees are allowed a flexible schedule and able to work from home. Community involvement is strong and encouraged. Also, LS&CO has an internal non-profit (Red-Tab Foundation) that supports current and former employees in need.
Cons
The company is not stable and constant reorganization creates ongoing confusion and fear. Work-life balance is poor since those who survive job cuts are rewarded with an increased workload and expected to exceed expectations w/o guidance or additional system support. Corporate on-the-job training is nonexistent so you must rely on your very busy co-workers. Many leaders are very smart but either lack basic management skills or just the time to use them. Unfortunately this fosters an environment of distrust.