SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 14, 2001
Commission file number: 1-5256
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V. F. CORPORATION
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 23-1180120
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
628 GREEN VALLEY ROAD, SUITE 500
GREENSBORO, NORTH CAROLINA 27408
(Address of principal executive offices)
(336) 547-6000
(Registrant's telephone number, including area code)
ITEM 5 - OTHER EVENTS
On November 14, 2001, VF Corporation announced a series of actions that
will change the Company's cost structure, brand portfolio and manufacturing mix.
These actions should improve the Company's return on capital and drive increased
value for its shareholders. In conjunction with these actions, the Company has
decided to exit its private label knitwear business, swimwear and a small
specialty workwear business, move additional production to lower cost
manufacturing areas, and consolidate its domestic intimate apparel headquarters
in one location. The Company is also taking measures to reduce its overall cost
structure, including capacity adjustments and workforce reductions. These
actions will reduce the Company's costs by $115 million annually and will affect
approximately 18%, or 13,000, of the Company's 71,500 employees worldwide. As a
result, the Company will incur a charge to fourth quarter earnings of $280
million to $320 million, equal to approximately $1.74 to $1.98 per share. The
charge will include cash costs of $120 million. The sale or other disposition of
these assets should generate approximately $80 million of cash proceeds,
resulting in a net cash outlay of $40 million. A copy of the press release
announcing this information is attached to this report as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
99.1 Press release issued by VF Corporation on November 14, 2001.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
V.F. CORPORATION
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(Registrant)
By: /s/ Robert K. Shearer
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Robert K. Shearer
Vice President-Finance
(Chief Financial Officer)
Date: November 14, 2001
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION SEQUENTIAL PAGE NUMBER
99.1 Press release issued by V.F. Corporation 5
on November 14, 2001
4