Home » US business news • US Employment News • World Business & Employment News » VF Corp. cuts 500 jobs globally as demand falters
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The US sportswear and footwear company VF Corp has laid off roughly 500 global staff.
The move is in response to weak consumer demand and investor pressure for cost-cutting measures.
The company owns popular retail brands such as Vans, The North Face, and Timberland.
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The downsizing will see an impact across all brands, corporate functions, and geographical locations.
VF Corp. cited the need for operational efficiency and financial flexibility for future investments as the primary reasons for the layoffs.
The cuts come as activist investors, including Engaged Capital, urged substantial cost reductions, asset reviews, and potential changes in the boardroom.
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The sports giant aims to address challenges in the market.
Its shares declined by 49 percent over the past year due to lower-than-expected product demand in North America.
The layoffs follow the retirement of former Chairman and CEO Steven Rendle in December, coinciding with the company revising its sales and earnings guidance.
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