VF Corp., owner of Vans and North Face, fell more than 7%: here's why

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  • VF Corp. shares fell after the owner of the Vans and North Face brands warned that its business operations were disrupted following a cyberattack.
  • VF Corp. said online orders could be placed, but that the company's ability to fulfill those orders “is currently impacted.”
  • VF said it was trying to get back into shape affected IT systems online and implemented workarounds for some offline operations.

Shares of VF Corp. (VFC) fell more than 7% on Monday after the owner of shoe and clothing brands Vans and North Face warned that the company's business operations had been disrupted by a cyberattack.

VF said in a regulatory filing Monday that the hacker encrypted some computer systems and stole data, including personal information. The company said it opened an investigation “with leading external cybersecurity experts,” activated its incident response plan and shut down some systems. VF said the hack was first detected on December 13.

VF said that ;it was working to “get the affected portions of its IT systems back online and implementing workarounds for some offline operations.”

The company said all of its retail stores were open and consumers could purchase available goods. However, it is experiencing “some operational disruptions”. Orders can be placed online, but VF's ability to fulfill these orders “is currently impacted.”

The company said the scope, nature and effects of the hack remain to be determined, although “the incident has had and is reasonably likely to continue to have a material impact” on its operations until until the recovery work is completed.

VF Corp. shares. fell 7.8% to $18.36 per share Monday following the news. With Monday's drop, shares of VF Corp. have lost more than a third of their value this year.


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