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VF Corp. Data Breach Impacting Ability to Ship Orders

The company detected a cybersecurity breach in its systems on December 13 that is “reasonably likely to continue to have a material impact on the company’s business operations,” including its ability to fulfill online orders.

EXEC: VF Corp. Cutting Another 500 Jobs

Fifteen months after cutting 300 jobs across its global workforce, the parent of the Vans, TNF, Dickies, Timberland, Smartwool, Jansport and other active lifestyle brands, is at it again, confirming Wednesday that another 500 jobs would be eliminated this week.

EXEC: VF Scores Upgrade from JP Morgan

JP Morgan raised its rating and price targets on VF Corp. on increasing confidence that recently-hired CEO Bracken Darrell will use a similar strategy he used at his former company, Logitech International, to achieve a turnaround at the parent of Vans and The North Face.

VF’s Debt Ratings Downgraded by Moody’s

Moody’s Investors Service downgraded VF Corp.’s long-term debt ratings due to continued weakness at Vans, VF’s second largest brand, as the company embarks on a significant transformation initiative, project Reinvent, to revitalize VF’s business, most notably in North America.

VF Corp.’s Debt Ratings Outlook Revised To Negative by S&P

S&P Global Ratings reduced its debt ratings outlook at VF Corp. on the company’s fiscal second-quarter report which came in below the rating agency’s base-case forecast with leverage increasing further to 4.4x compared with 3.6x in the same prior year period.

EXEC: VF’s Turnaround Plan to Focus on Vans, the Americas, Debt and Cost Structure

New company CEO Bracken Darrell said the U.S. is not working well. He noted that the company’s innovation engine has historically been strong but had drifted downward over the past few years. He said employees still love the brands and business, but morale was hurt by poor performance. He also said costs and debt were too high, and there were no sacred cows in the turnaround effort. Vans was the first to see change.

VF Corp. Sees Continued Americas Weakness In U.S. in Q2 Tied to Vans Declines

The company also said that Kevin Bailey will be stepping down from his role as global brand president, Vans. He will remain on the Executive Leadership Team reporting to the CEO and will transition to lead Reinvent, the company’s business transformation plan. CEO Bracken Darrell will be more involved with Vans until a new brand president is found.