Vans Owner VF Corp. Confirms 400 More Layoffs Across the Company
Vans and Timberland owner VF Corporation is cutting more jobs, FN has learned.
In a statement sent to FN on Thursday, a representative affirmed the news. “Over the past few months, VF has been working to reorganize select commercial functions globally, as part of the company’s ongoing business turnaround,” the rep’s statement said.
The rep also noted that the reorganization has impacted approximately 400 employees globally, across VF’s brands and throughout the Americas, Europe, Asia regions.
“While these decisions are never easy, we are confident this work will result in a stronger foundation that supports the company’s growth and value creation objectives,” the rep added. “We’re committed to handling these changes with dignity and respect for all involved and want to thank those impacted through this process for their valued contributions to VF.”
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This new round of layoffs come a few months after VF announced further job cuts in new “reorganization” efforts back in January. At the time, the company did not confirm the total number of employees that were affected.
In November, VF announced the planned closure of its distribution in Martinsville, Va., resulting in over 242 employees losing their jobs. According to a Nov. 15 Warn notice filing, the footwear conglomerate was to begin layoffs by Jan. 19 ahead of the closure, which was slated to occur in March.
Previously, VF Corp. said in November 2023 that it had laid off about 500 employees across all its brands, corporate functions and geographies.
And more layoffs hit VF in 2022 when the company said it was cutting 600 office-based roles, which impacted 300 current workers and 300 open roles.
In January, VF Corp. showed signs of progress in its turnaround during the fiscal third quarter. Net earnings for the quarter tallied $167.1 million, or 43 cents a share, comparing favorably to losses of $42.5 million, or 11 cents, a year earlier. Revenues for the quarter ended Dec. 28 rose 2 percent to $2.8 billion.
The company’s largest brand, The North Face, pushed sales up 5 percent to $1.3 billion while Timberland was ahead 11 percent to $527 million. But VF continued to see sales struggle at Vans and Dickies. Vans sales fell 9 percent to $607.6 million while the much smaller Dickies was off 10 percent to $133.6 billion.
