VF Corp. says cybersecurity breach may impact its business

By Steve Gelsi

Parent of Vans, North Face and Timberland says its ability to fulfill online orders is being affected

VF Corp.'s stock fell 7.1% Monday after the company said it detected a cybersecurity breach in its systems on Dec. 13 that is "reasonably likely to continue to have a material impact on the company's business operations."

VF Corp. (VFC) said it has yet to determine whether the incident is likely to materially impact its financial condition or results of operations.

Consumers are able to place online orders on most of the company's e-commerce sites globally. However, its ability to fulfill orders is currently being affected, the company said.

"The threat actor" disrupted the company's business operations by encrypting some systems, and it also stole data, including personal data.

VF-operated retail stores remain open, and customers can buy merchandise at those.

Prior to Monday's trades, VF Corp. was down by 27.9% in 2023, compared with a 22.9% rise by the S&P 500 SPX.

VF Corp. is the parent of sneaker maker Vans, outdoor-clothing brand North Face, bootmaker Timberland, clothing brand Dickies and other brands.

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-Steve Gelsi

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12-18-23 1052ET

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