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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>/in/edgar/work/0000893220-00-001330/0000893220-00-001330.txt : 20001121
<SEC-HEADER>0000893220-00-001330.hdr.sgml : 20001121
ACCESSION NUMBER:		0000893220-00-001330
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20001117
ITEM INFORMATION:		
ITEM INFORMATION:		
FILED AS OF DATE:		20001120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			V F CORP /PA/
		CENTRAL INDEX KEY:			0000103379
		STANDARD INDUSTRIAL CLASSIFICATION:	 [2320
]		IRS NUMBER:				231180120
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0103
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		8-K
			SEC ACT:		
			SEC FILE NUMBER:	001-05256
			FILM NUMBER:		773757
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		628 GREEN VALLEY RD., STE. 500
				CITY:			GREENSBORO
				STATE:			NC
				ZIP:			27408
				BUSINESS PHONE:		(336)547-6000
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 2:		P O BOX 1022
					CITY:			READING
					STATE:			PA
					ZIP:			19603
</MAIL-ADDRESS>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	VF CORPORATION
						DATE OF NAME CHANGE:	19900621
</FORMER-COMPANY>

						FORMER COMPANY:	
							FORMER CONFORMED NAME:	VANITY FAIR MILLS INC
							DATE OF NAME CHANGE:	19690520
</FORMER-COMPANY>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w42803e8-k.txt
<DESCRIPTION>8-K FOR VF CORPORATION FOR 11/17/00
<TEXT>

<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                        Date of Report: November 17, 2000

                         Commission file number: 1-5256

                          ----------------------------

                                V. F. CORPORATION
             (Exact name of registrant as specified in its charter)

             PENNSYLVANIA                                        23-1180120
   (State or other jurisdiction of                            (I.R.S. employer
   incorporation or organization)                         identification number)


                        628 GREEN VALLEY ROAD, SUITE 500
                        GREENSBORO, NORTH CAROLINA 27408
                    (Address of principal executive offices)

                                 (336) 547-6000
              (Registrant's telephone number, including area code)






<PAGE>   2


ITEM 5 - OTHER EVENTS

         On November 17, 2000, VF Corporation announced a series of actions to
position the Company to achieve its long-term earnings growth target of 8%-10%.
In conjunction with these actions, the Company announced that it will take a
charge to fourth quarter earnings of approximately $120 to $140 million, or $.68
to $.79 per share. The cash requirement related to these actions is
approximately $40 million. As a result of these actions, excluding charges, the
Company expects to report full year earnings per share between $2.95 and $3.00.
A copy of the press release announcing this information is attached to this
report as Exhibit 99.1 and is incorporated herein by reference.

ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS

99.1     Press release issued by VF Corporation on November 17, 2000.




                                       2
<PAGE>   3



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                              V.F. CORPORATION
                                              ----------------
                                                (Registrant)


                                              By: /s/ Robert K. Shearer
                                                  ----------------------------
                                                  Robert K. Shearer
                                                  Vice President-Finance
                                                  (Chief Financial Officer)

Date:  November 20, 2000





                                       3
<PAGE>   4



                                  EXHIBIT INDEX

EXHIBIT
NUMBER           DESCRIPTION                             SEQUENTIAL PAGE NUMBER
 99.1            Press release issued by                           5
                 V.F. Corporation on
                 November 17, 2000




                                       4
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>w42803ex99-1.txt
<DESCRIPTION>PRESS RELEASE ISSUED BY V.F. CORP. ON 11/17/00
<TEXT>

<PAGE>   1

                                  EXHIBIT 99.1

News Release

V.F. CORPORATION


FOR IMMEDIATE RELEASE

VF Announces Actions to Improve Future Profitability & Achieve Long-term
         Growth Targets

NOVEMBER 17, 2000 - GREENSBORO, NORTH CAROLINA -- VF CORPORATION (NYSE: VFC),
the world's largest apparel company, announced today a series of actions to
position the Company to achieve its long-term earnings growth target of 8%-10%.
In conjunction with these actions, the Company will take a charge to fourth
quarter earnings of approximately $120 to $140 million, or $.68 to $.79 per
share. The cash requirement related to these actions is approximately $40
million. "Now is the time to take a hard look at our portfolio of businesses and
our operations and determine the optimal mix for the future," said Mackey
McDonald, President and Chief Executive Officer. "At the same time, we are
continuing to identify additional ways to improve our overall cost structure.
This has always been an active and continual process within VF, which has kept
us financially and operationally strong for over 100 years." He indicated that
the charge should benefit earnings by an annualized amount of approximately $45
million, allowing the Company to hit its growth target in 2001 despite a flat
pricing environment and inflationary cost increases.

The Company's businesses continue to perform on plan for the fourth quarter,
with the exception of workwear which continues to be challenged by integration
issues. As a result of these issues, excluding charges, VF expects to report
full year earnings per share between $2.95 and $3.00. Following are some of the
specific actions the Company is taking to improve profitability in
underperforming units and further reduce costs across our businesses:

o    EXIT OF NONSTRATEGIC WORKWEAR BUSINESSES. Following an analysis of its
     workwear operations, the Company has decided to discontinue several of the
     more complex pieces of businesses acquired in 1998 and 1999 that have
     impacted profitability. Accounting for approximately $40 million in sales,
     the discontinued businesses include napery and certain customized and


                                       5
<PAGE>   2

     catalog programs serving primarily small businesses. "These actions will
     greatly reduce the complexity of our workwear business, allowing us to
     focus on more profitable, higher volume opportunities," Mr. McDonald said.
     Expenses associated with this initiative include severance, capacity
     reductions and disposal of inventories related to these businesses.

o    NEW JEANS STRATEGY IN JAPAN. To combat changing market conditions in Japan
     and unite the management of its Wrangler and Lee brands under a single
     entity, VF has agreed to transfer the license for the Wrangler brand to Lee
     Japan Co. Ltd., a subsidiary of Tokyo-based Edwin Co. Ltd. A leader in the
     Japanese jeans market, Edwin has successfully marketed the Lee brand in
     Japan under a licensing agreement since 1987. "The exceptional local market
     knowledge, retail relationships and brand management expertise within Lee
     Japan provide a strong platform that will now be leveraged across both our
     Lee and Wrangler brands," said Mr. McDonald. "This `total portfolio'
     approach to brand management is consistent with our strategy in both the
     U.S. and Europe." The transfer of the Wrangler license will result in a
     charge reflecting a loss of the Company's investment in VF Japan, which is
     primarily the write-off of goodwill. VF's sales of Wrangler in Japan are
     approximately $60 million.

                                     -MORE-

Page 2

                                                         VF Announces Actions...

o    ADDITIONAL COST SAVING ACTIONS. Other actions the Company is taking to
     reduce costs include the consolidation of several distribution centers in
     both the U.S. and Europe; a general reorganization of its Latin American
     jeans business; and a restructuring of its international intimates business
     to improve the profitability of its hypermarket, or discount store,
     operations.

"We will be finalizing our plans in these and other areas in the coming weeks,
but are committed to taking aggressive actions that will get VF on track to
achieve earnings growth in 2001 that is more in line with our long-term target.
Our performance next year should reflect not only these actions, but
improvements in the profitability of the acquisitions made this year, healthy
performance in our core businesses and the continuation of our share repurchase
program," Mr. McDonald concluded.



                                       6
<PAGE>   3

Cautionary Statement on Forward-looking Statements

Certain statements included herein are "forward-looking statements" within the
meaning of the federal securities laws. Management cautions that forward-looking
statements are not guarantees and that actual results could differ materially
from those expressed or implied in the forward-looking statements. Important
factors that could cause the actual results of operations or financial condition
of the Company to differ include, but are not necessarily limited to, the
overall level of consumer spending for apparel; changes in trends in the
segments of the market in which the Company competes; the financial strength of
the retail industry; actions of competitors that may impact the Company's
business; and the impact of unforeseen economic changes in the markets where the
Company competes, such as changes in interest rates, currency exchange rates,
inflation rates, recession, and other external economic and political factors
over which the Company has no control. Investors are also directed to consider
the risks and uncertainties discussed in documents filed by the Company with the
Securities and Exchange Commission.

VF Corporation is the world's largest apparel company and a leader in jeanswear,
intimate apparel, knitwear, workwear, playwear, daypacks and swimwear. Its
principal brands include Lee, Wrangler, Riders, Rustler, CHIC, Gitano, Vanity
Fair, Vassarette, Bestform, Lily of France, Lee Sport, Healthtex, Jantzen,
JanSport, Eastpak, Red Kap and The North Face.

VF Corporation's press releases, annual report and other information can be
accessed through the Company's home page on the World Wide Web,
http://www.vfc.com.

                                       ###



                                       7
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