VF Corporation announced that it has entered into a definitive agreement to sell its Licensed Sports Group business to Fanatics, Inc., resulting in the loss of about 380 jobs at the VF Outdoor facility in Greenville, according to a company spokesperson.
The company will not close the VF Outdoor facility in Greenville, which will continue to employ 370 associates to service VF’s Outdoor brands with accounting, finance, credit and customer service functions.
The impacted positions support various brands and businesses across the company, including the decoration operations and the JanSport Collegiate Licensed Apparel business.
The company said in a statement:
"While we regret that these actions will impact associates and their families, we are confident that this is the right strategic direction for VF and will enable the company to refocus the composition of our portfolio for future growth.
For the employees leaving the company, we will assist them in their transition with severance packages and counsel from outplacement services.
As you may know, last year VF announced that it was exploring ‘strategic alternatives’ for its Licensed Sports Group business. In conjunction with this effort, VF is also undergoing additional changes to empower its brands and businesses while aligning its organizational structure for future, sustainable growth.
Because of these fluctuations in our business, we have initiated some actions across parts of our operations at our VF Outdoor facility in Appleton. These actions include ceasing our apparel decoration operations at the VF Outdoor facility in Appleton later this year. This also includes our JanSport Collegiate Licensed Apparel business, which will be winding down business in the coming months."
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