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Vans and Timberland owner VF Corporation is cutting more jobs this month, FN has learned.
In a statement sent to FN on Friday, a representative affirmed the news. “VF confirms that it has begun a reorganization related to select commercial functions globally, intended to align these organizational structures to its new business model,” the rep said. “This work relates to the company’s previously announced turnaround strategy.”
The company declined to comment further on the exact number of employees and which departments were affected by this latest round of job cuts.
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“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 company 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.”
This new round of layoffs come a few months after 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 will begin layoffs by Jan. 19 ahead of the closure, which will occur in March.
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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 October, VF swung to a profit and posted better-than expected revenues in the second quarter. At the time, VF chief executive officer Bracken Darrell said in a statement that the company is still on track to hit $300 million in savings by the end of fiscal year 2025 as its Reinvent turnaround plan takes hold.
At its investor day that same month, VF announced a new set of medium term financial targets that included achieving an adjusted operating margin of at least 10 percent, adjusted gross margin of at least 55 percent and adjusted SG&A as a percentage of revenue of 45 percent or less, all by fiscal year 2028.
VF is expected to release its third quarter fiscal 2025 earnings on Jan. 29.
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