The Levi buy-out would slash the firm’s income.

A plan to take Levi Strauss & Co. private would wipe out most of the jeans maker’s projected $269 million in 1985 operating income, according to filings with the Securities and Exchange Commission. Descendants of Levi Strauss, who already own 40% of the company’s 36.9 million shares, want to take the company private. Levi’s president and chief executive, Robert D. Haas, has proposed buying out non-family members at $50 a share. The filing also projects that the company’s net profit will jump to $82 million in 1986.