North Face lays off 500 workers

North Face owner VF Corp. laid off about 500 salaried employees amid a new transformation plan that includes cost cutting and debt reduction.

Denver-based VF has been working to turn the business around as sales slump in North America, due largely to struggles at its Vans brand.

It’s also been a target of two activist investor groups, one of which is pressuring the company to divest some brands and pay down debt. VF also owns Timberland, Dickies, JanSport and Supreme, among other labels.

In October, VF withdrew its guidance for the fiscal year and said it will replace the president of Vans.

It also introduced the transformation plan, which is expected to drive $300 million of cost savings.

VF had 33,000 total employees as of April, 60% of whom work full time.

Microsoft eyes gaming store

Microsoft Corp. is talking to partners to help launch a mobile gaming store that will take on Apple Inc. and Google’s dominant position in the business, according to Phil Spencer, who leads the company’s Xbox video-game division.

“It’s an important part of our strategy and something we are actively working on today not only alone, but talking to other partners who’d also like to see more choice for how they can monetize on the phone,’’ Spencer said in an interview in Sao Paulo during the CCXP comics and entertainment convention.

The executive declined to give a specific date for a launch of the online store, which earlier reports suggested could be next year.

“I don’t think this is multiple years away, I think this is sooner than that,’’ he said.

Microsoft earlier this year expanded its Game Pass subscription service for players on personal computers to 11 new Latin American countries, leading to a 7% increase in customers.

Peru and Costa Rica are the standouts in terms of customer interest, accounting for almost half of new signups, Spencer said.

From wire reports