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VF Corp lays off 500 salaried employees amid turnaround

Industry Dive

As part of its newly announced turnaround plan, VF Corp. has cut about 500 jobs worldwide, a spokesperson said by email Thursday.

“As part of VF’s new Reinvent strategy and with the aim of improving operational efficiency, we have eliminated approximately 500 salaried positions across the company globally,” the spokesperson said. “While these decisions are never easy, they will give us the financial flexibility to invest behind our brands and better position us for long term growth. We’re committed to handling this restructuring with dignity and respect for all involved and want to thank those impacted for their valued contributions to VF.”

The conglomerate has been plagued by weak sales, especially at its once-thriving Vans skate brand. In its most recent quarter, Vans sales fell 21%. Timberland fell 6.8% and Dickies fell 8%, while The North Face posted 19% year-over-year growth to $1.1 billion.

The company didn’t immediately address questions about whether certain brands are more affected by the job losses.

Last month an activist investor slammed the company’s previous leadership and called for $300 million in expense cuts.

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter.

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