VF Corp. vfc said Tuesday that it will close all stores and offices in North America until May 3, as well as those across Europe, Africa and the Middle East. Most of VF Corp.'s stores in Asia-Pacific have reopened though office workers will continue to operate remotely. Workers in North America will continue to receive pay and benefits. VF Corp. brands include Vans, The North Face and Timberland. VF Corp. Chief Executive Steve Rendle will receive half his base salary for the next four months while the executive leadership team will see their salaries cut by 25%. Distribution centers remain operational. VF Corp. has drawn down the remaining $1 billion from its revolving credit facility and has $2.4 billion on hand. The company has paused its share repurchase program though it hasn't suspended its dividend program at this time. And the company will proceed with the previously-announced divestiture of its occupational workwear business. VF Corp. stock is down nearly 35% over the past year while the S&P 500 index spx has fallen 8%.
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April 07, 2020 at 06:36PM
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Vans parent VF Corp. North American retail stores to close until May 3, draws down remaining $1 billion credit - MarketWatch
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