© Reuters. An individual walks by a Vans retailer, a model owned by VF Company, in Manhattan, New York Metropolis, U.S., Could 20, 2022. REUTERS/Andrew Kelly/File Picture
(Reuters) – Vans proprietor VF Corp (NYSE:) mentioned on Thursday it has laid off about 500 workers because it goals to restructure its enterprise and enhance operations globally.
The corporate has been struggling to outlive a troublesome U.S. retail surroundings wherein prospects have been chopping again non-essential spending.
It had in October come underneath stress from activist investor corporations Legion Companions Asset Administration and Engaged Capital, which insisted on value cuts and a halt to acquisitions.
Gross sales at its Vans model have been dropping for the previous few quarters, with the brand new CEO Bracken Darrell just lately saying that it might not see a turnaround this yr.
He had additionally warned of a large-scale value discount program to rebuild its enterprise.
The job cuts occurred throughout all its manufacturers, company capabilities and geographies. VF had about 33,000 workers as of April 1, in accordance with a regulatory submitting.
Its inventory, which has misplaced 40% of its worth up to now this yr, was buying and selling flat after the bell.
