| Last updated at: (Beijing Time) Thursday, November 15, 2001 |
Apparel Maker VF Cutting 13,000 Jobs |
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The apparel maker responsible for Lee and Wrangler jeans and Jantzen swimsuits is cutting about 13,000 jobs, or 18% of its workforce, as part of a plan to bolster profits and spur growth.
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The apparel maker responsible for Lee and Wrangler jeans and Jantzen swimsuits is cutting about 13,000 jobs, or 18% of its workforce, as part of a plan to bolster profits and spur growth.
VF Corp., one of the world's biggest apparel companies, said Wednesday the cuts are part of a restructuring plan that also includes dropping its swimwear, private label knitwear and specialty workwear businesses.
The company plans to move some production activities to lower cost manufacturing areas, and consolidate its domestic intimate apparel headquarters in one location.
VF said the actions would reduce its costs by $115 million annually. It employs about 71,500 people worldwide.
VF said it will take a charge of $280 million to $320 million, or $1.74 to $1.98 a share, in the fourth quarter.
In addition to Lee, Wrangler and Jantzen, VF brands also include Riders, Rustler, Vanity Fair, Healthtex, JanSport, Eastpak and The North Face.
In midday trading on the New York Stock Exchange, VF shares were up $1.18, or 3.15%, at $38.64.
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