VF Corp EMEA & N America offices to stay closed till May 3

VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, has announced additional actions to support its employees’ well-being and advance its Enterprise Protection Strategy in response to the Covid-19 pandemic. All VF offices and retail locations across North America and across the EMEA region remain closed until May 3.

 

VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, has announced additional actions to support its employees' well-being and advance its Enterprise Protection Strategy in response to the Covid-19 pandemic. All VF offices and retail locations across North America and across the EMEA region remain closed until May 3.#

“Since the beginning of the Covid-19 outbreak, we’ve managed our response strategies with a people-first approach that prioritises the health and well-being of our employees around the world,” Steve Rendle, chairman, president and CEO of VF, said in a press release. “These new actions position us to continue supporting our people while also taking prudent measures to protect the financial integrity of our company as we manage through the prolonged disruption caused by this global health crisis.”

 

VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, has announced additional actions to support its employees' well-being and advance its Enterprise Protection Strategy in response to the Covid-19 pandemic. All VF offices and retail locations across North America and across the EMEA region remain closed until May 3.#

VF’s actions to support its business and employees include the following updates: during the next four months, the base salary for CEO Steve Rendle will be temporarily reduced by 50 per cent and the base salaries for VF’s executive leadership team will be temporarily reduced by 25 per cent; VF’s board of directors will forgo their cash retainer for the next four months, also to be reviewed and modified as necessary at the end of the four-month period; retail employees will continue receiving full pay and benefits during this time. All office-based employees continue to receive full pay and benefits while working remotely; all VF EMEA region employees will be working remotely; many VF offices in APAC remain closed with employees continuing to work remotely. However, most of VF’s retail stores in the region, particularly Mainland China, have re-opened for business. All employees in the APAC region continue to receive full pay and benefits; and in accordance with local government guidelines, VF continues to operate its global network of distribution centres to serve the company’s consumers and customers, which include medical professionals, first responders and other workers in the industrial and service sectors. VF is providing up to 14 days of emergency pay to its distribution centre employees in the US and Canada and has extended the use of this benefit through May. Outside of these countries, the company will continue to provide full pay and benefits to its distribution centre employees in alignment with local laws.

 

VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, has announced additional actions to support its employees' well-being and advance its Enterprise Protection Strategy in response to the Covid-19 pandemic. All VF offices and retail locations across North America and across the EMEA region remain closed until May 3.#

As part of VF’s Enterprise Protection Strategy, the company is taking further actions to preserve financial liquidity and maximise flexibility in order to successfully manage its business operations: as a proactive, precautionary measure, VF will draw down the remaining $1 billion available under its current senior unsecured revolving credit facility: VF intends to proceed with the divestiture of its Occupational Workwear business as announced on January 21 and is actively engaged with prospective buyers; VF has made the decision to temporarily pause its share repurchase programme.

 

VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, has announced additional actions to support its employees' well-being and advance its Enterprise Protection Strategy in response to the Covid-19 pandemic. All VF offices and retail locations across North America and across the EMEA region remain closed until May 3.#

“Throughout VF’s storied 120-year history, we’ve weathered many storms, and each time we’ve emerged as a stronger company with a renewed sense of focus and determination,” Rendle continued. “The full breadth of actions we’re taking in response to the Covid-19 situation are intended to not only address the challenges of today, but also to position our brands and businesses to thrive in the years ahead as we build on VF’s proud legacy.”