Engaged seeks changes at VF Corp. after building big stake, WSJ says

Engaged Capital has built a “big stake” in VF Corp. and plans to push for changes including steep cost cuts, Lauren Thomas of Wall Street Journal reports, citing people familiar with the matter. The size of the stake couldn’t be determined, but Engaged is believed to be among VF’s top 10 shareholders now, sources told the Journal. Engaged plans to seek operational improvements, including eliminating redundant costs that it believes to be worth more than $300M annually, according to the Journal. It also wants VF to explore a strategic review of its noncore assets and real estate, the paper adds. Engaged argues that VF trades at a significant discount to its peers in the retail industry and has subpar margins, it says. Shares of VF are up 9% to $17.66 following the report.