Denver-based apparel company VF Corp. (NYSE:VFC) confirmed Wednesday it will lay off 500 of its workers globally, including 30 in Denver.

The company — one of the world’s largest apparel, footwear and accessories company with brands like Vans, The North Face, Timberland and Dickies — reported second quarter fiscal 2024 results on Oct. 30, with revenue down 2% and a $1.16 loss per share.

The earnings report also outlined a turnaround strategy called “Project Reinvent,” which aims to “enhance focus on brand-building and to improve operating performance” by improving North America results, deliver a Vans turnaround, reduce costs and strengthen the balance sheet.

“As part of VF’s new Reinvent strategy and with the aim of improving operational efficiency, we have eliminated approximately 500 salaried positions across the company globally,” the company told The Denver Gazette in an email on Wednesday. “While these decisions are never easy, they will give us the financial flexibility to invest behind our brands and better position us for long term growth. We’re committed to handling this restructuring with dignity and respect for all involved and want to thank those impacted for their valued contributions to VF.”

The company moved its headquarters from Greensboro, North Carolina, to Denver in 2019 at 1515 Wewatta St. Published reports show it has about 1,000 Denver-based employees, and about 35,000 globally.

The company laid off 600 employees globally about this time in 2022.

“In my first 100 days, as I have spent time with our brands, teams, and customers around the world, I have developed even stronger conviction in the company’s significant potential, which is far greater than what we are delivering today,” said new President and CEO Bracken Darrell in the earning statement.

“We are excited about the long term, starting with these first major steps toward improving our near-term performance, positioning us to return to growth and generate shareholder value.”

Matt Puckett, chief financial officer, added: ““Despite pockets of continued strong performance throughout the first half and solid profit margins in the second quarter, it’s not enough and we are not making sufficient progress at Vans or in the US.”

The company plans to lower its cost structure by $300 million, Puckett said in the earning report.

“Through this effort and our ongoing evaluation of all aspects of our business, we remain laser-focused on cash generation and debt reduction, with the intent to return to growth, drive higher ROIC and reduce leverage,” he said.

The company did not file a WARN notice with the Colorado Secretary of State as of Wednesday morning. The Worker Adjustment and Retraining Notification Act law “requires employers to provide employees experiencing employment loss with a 60-day notice prior to a layoff.” The notices are typically filed with the Secretary of State as well.