Apparel and footwear company VF Corporation (NYSE: VFC), or VFC, parent of brands such as Vans, Eagle Creek, JanSport, The North Face, and Timberland, said today it's drawing down the entire $1 billion left untapped until now on its revolving credit facility. The company plans to use the cash to keep operating during the COVID-19 coronavirus shutdown, and pursue growth once a recovery starts. The shoes, clothing, and accessories company saw its shares drop 17% earlier this year, even before COVID-19 had spread outside China. Outdoor and hiking wear brand The Timberland Company was a particularly weak spot, though some of its sectors were growing before the coronavirus hit. Image source: Getty Images. VFC was guiding for 5% year-over-year revenue growth for fiscal 2020, but withdrew its guidance on March 24. While both its stores and corporate offices are currently slated to remain closed through May 3, the company continues to provide full wages and benefits to all of its regular employees, one of the operational costs its $1 billion credit drawdown should help cover. To reduce unnecessary costs, the company's executives are taking a compensation cut for the next four months, to last at least through the end of July. CEO Steve Rendle is giving up 50% of his pay, while all other executives are taking a 25% reduction during the period. Members of VFC's board will not receive their cash retainers. "These new actions position us to continue supporting our people while also taking prudent measures to protect the financial integrity of our company," Rendle said. 10 stocks we like better than VFWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and VF wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Rhian Hunt has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source