VF to lay off 242 employees at Virginia distribution center

Quick Summary:

The facility’s closure, announced earlier this year, comes as the company faces declining earnings and a recent S&P downgrade.

The WARN notice comes on the heels of an S&P statement downgrading VF from its previous score of “BBB-” to “BB.” The slip categorizes VF as “less vulnerable in the near-term” but facing “major ongoing uncertainties to adverse business, financial and economic conditions.

In October 2023, VF announced Project Reinvent, a strategic transformation program designed in part to help VF deliver $300 million in fixed cost savings by removing spending in “non-strategic areas of the business,” right-sizing its structure, reducing debt and deleveraging its balance sheet.

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Article Details

Author / Journalist: Lara Ewen

Category: EconomyBusiness

Markets: United StatesItaly

Topics: Result Distribution Company Center Employees Swartz Year Spokesperson Closure Martinsville Virginia

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-25 @ 10:13:00 (18 hours ago)

News Timezone: GMT +8:00

News Source URL: retaildive.com

Language: English

Article Length: 633 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Retail Dive

News ID: 23836763

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