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Tuesday, May 24, 2022

Vans Parent to Keep Paying Workers

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The parent of Costa Mesa-based Vans Inc. said Tuesday it will continue paying headquarters and store employees through May 3.

VF Corp. (NYSE: VFC), with a recent market cap of $23 billion, said its North America offices and stores are closed through that date, with regular pay and benefits continuing to go to all employees in the region.

Its offices in the EMEA region—Europe, the Middle East, Africa—also remain closed through May 3, with employees receiving at least 95 percent of their typical pay. Store employees continue to receive normal pay until those stores are reopened at a date not yet set.

The company’s Asia-Pacific region has seen most of its stores re-opened.

VF said it had roughly $2.4 billion in cash.

The company’s portfolio includes Vans, The North Face, Timberland and Dickies.

Go here for more updates on OC companies’ responses to the coronavirus.

For ongoing, in-depth coverage of the coronavirus’ effects on OC businesses, see the Monday print edition of the Business Journal.

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