VF Corp cuts 500 jobs
The owner of Vans, The North Face and Timberland has announced that it has fired 500 employees worldwide as it seeks to restructure its business and improve operations globally
These cuts occurred across all its brands, corporate functions and geographies. According to its annual report, VF Corp employed approximately 33 000 people as of the 1st of April. With this move, the US-based company aims to improve its operational efficiency and increase its financial flexibility to invest.
The company has struggled in a tough US retail environment, with customers cutting back on non-essential spending. It has also been under pressure from activist investors to reduce costs.
In November, VF reported another disappointing quarter, mainly due to the poor performance of Vans. New CEO Bracken Darrell said that the brand would not see a turnaround this year. He also warned of a large cost-cutting programme, as part of its Reinvent Transformation Plan.
Image Credits: bizjournals.com
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