VF Announces Job Cuts Plant Closings

VF AnnouncesJob Cuts, Plant ClosingsVF Corp., Greensboro, N.C., is cutting its U.S. work force by
13,000 people and closing more than 30 plants as part of a restructuring plan that aims to
eliminate low-margin operations and improve the companys earnings by $115 million annually.The job
reductions represent 18 percent of VFs work force. Approximately 9,000 of the eliminated jobs will
be replaced by production offshore.The plant closings represent cut-and-sew operations for Wrangler
jeans, Vanity Fair underwear and other apparel items. These items will be manufactured in Mexico,
Central America and the Far East. In addition, the company will cease manufacturing Jantzen
swimsuits, private-label sweat shirts and T-shirts, and uniforms for the high-tech industry. Moving
forward, VF will focus on its core businesses of underwear, jeans, outdoor apparel and licensed
apparel; and on acquisition of new businesses.
January 2002