VF Corporation, Parent of Vans Footwear, Draws Down $1 Billion While Cutting Executive Pay
Apparel and footwear company VF Corporation (NYSE: VFC), or VFC, parent of brands such as Vans, Eagle Creek, JanSport, The North Face, and Timberland, said today it's drawing down the entire $1 billion left untapped until now on its revolving credit facility. The company plans to use the cash to keep operating during the COVID-19 coronavirus shutdown, and pursue growth once a recovery starts.
The shoes, clothing, and accessories company saw its shares drop 17% earlier this year, even before COVID-19 had spread outside China. Outdoor and hiking wear brand The Timberland Company was a particularly weak spot, though some of its sectors were growing before the coronavirus hit.
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Source Fool.com
