VF Corp cuts jobs in January 2025 under ‘Reinvent’ restructuring plan

What’s going on at VF Corp?

VF Corporation, the parent company of Vans and Timberland, has confirmed another round of layoffs as part of its ongoing restructuring. The company is realigning its global commercial functions to align with its updated business model under its “Reinvent” turnaround strategy. Footwear News shared the news on Friday.

Official statement and context

• A VF representative stated, “This work relates to the company’s previously announced turnaround strategy. While these decisions are never easy, we are confident this work will result in a stronger foundation that supports the company’s growth and value creation objectives.”
• The company emphasized its commitment to handling these layoffs “with dignity and respect” but declined to provide details about the number of employees or specific departments impacted.
• These layoffs follow previous workforce reductions in November.

Financial and strategic context

VF has been implementing its Reinvent strategy to streamline operations and save $300 million by the end of fiscal year 2025. The latest layoffs underscore ongoing challenges within the retail and apparel industry, where companies are facing pressure to optimize operations amid changing consumer demand and rising costs.

Impact on Canadian staff

It remains unclear if the workforce reduction at VF will affect Canadian employees.

According to LinkedIn, the company has more than 35,000 workers around the world.

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Next steps for VF employees

If you’ve been affected by the layoffs at VF, understanding your legal rights is crucial.

Non-unionized employees in Canada’s retail and apparel sector are entitled to severance pay based on a variety of factors, including their role, tenure, age, and ability to find similar work.

Here’s what you need to know:

• Compensation: Severance packages, which can be as much as 24 months’ pay, may include salary, bonuses, commissions, and other forms of compensation. Use our firm’s free Severance Pay Calculator to better understand your entitlements.
• Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
• Action steps: Consult an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and aligns with Canadian employment laws.

Many companies cutting jobs

VF isn’t the only major employer trimming its headcount as 2024 draws to a close.

Other big names, including Cargill, Vale, Windsor University, Rogers, General Motors, AMD, Visa, Meta, Nokia, and Deloitte, have also pulled out the axe.

SEE ALSO
• Salesforce to cut jobs at ‘Own’ following $2-billion acquisition
• Amazon Layoffs: Nearly 14,000 managers could be axed to cut costs
• Where are layoffs happening in Canada?
• Pocket Employment Lawyer: Real-time insights on your rights

Lost your job? Contact us

If you’re affected by the latest round of layoffs at VF, the experienced employment law team at Samfiru Tumarkin LLP can help.

Our lawyers in Ontario, Alberta, and British Columbia have helped tens of thousands of non-unionized individuals resolve their workplace issues.

Call us today at 1-855-821-5900 or request a consultation online.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is NOT specific to any one company and should NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.