VF Corp (VFC) announced on Thursday that it had dismissed about 500 employees as part of business restructuring effort and global operations improvement.
The job reductions occurred across all of the company’s brands, corporate functions and geographies.
In October, the Vans owner had come under pressure from investor firms Legion Partners Asset Management and Engaged Capital to cut costs and postpone acquisitions.
Revenue at VF Corp’s Vans brand has been decreasing over the past several quarters, while a turnaround is not expected this year.
VF Corp, which also owns the Timberland and The North Face brands, employed nearly 33,000 people as of April 1st, a regulatory filing showed.
The shares of VF Corp closed 2.34% ($0.40) lower at $16.73 in New York on Thursday, as they snapped a two-day streak of gains.
The company’s total market cap now stands at $6.506 billion.
The shares of VF Corp have retreated 39.41% so far this year, following another 62.29% loss in 2022.
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