VF Corporation – a global leader in branded lifestyle apparel, footwear and accessories – has decided to introduce some changes in their workforce. A phase wise job cut is expected to take place from June 9, in Wisconsin in its outdoor appeal division which would result in axing of around 380 workers.
The restructuring was announced the same day that VFC found a buyer for its Licensed Sports Group (LSG) which has been part of VF’s imagewear division. The company has entered into a definitive agreement to sell its LSG business to Fanatics Inc. VFC’s LSG business includes the Majestic brand, which supplies apparel and fanware through licensing agreements with US and international professional sports leagues and teams.
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The transaction, which is expected to close in the second quarter of this year, is subject to standard customary closing conditions for a closing to occur. Terms of the agreement were not disclosed.
