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Details on Industry Insight.
VF Corp. is laying off what it calls "a modest number" of employees across two of its business units - jeanswear and services.
Paul Mason, VF's Corporate Communication Director, told us an AP story that said the layoffs are across all units is incorrect. Mason said each business unit makes its own decisions about layoffs, and the Outdoor Coalition has not announced layoffs, Mason said. He did not know if it would in the future. The Outdoor Coalition includes action sports brands Vans and Reef.
VF employs about 46,000 around the world.
The Outdoor Coalition has been the strongest performing for VF, with The North Face and Vans leading the way.
In October, VF warned of softening conditions in the company overall, even as it reported record Q3 profits of $233.9 million, or $2.10 a share, up 13 percent from $207.2 million, or $1.84 a share, in 2007.
Reports of the layoffs began to circulate Tuesday when TV station WFMY reported an undisclosed number of layoffs among the 1,400 VF jeanswear and services employees in Greensboro, NC.
Later that day, the Kansas City Business Journal reported VF was laying off an undisclosed number from among its 125 employees for the Lees brand near Kansas City.