VF Corp to sell workwear brands
The apparel company entered into an agreement with a subsidiary of Redwood Capital Investments, LLC, to sell the occupational portion of its work segment
VF Corporation has announced it has entered into an agreement to see the occupational part of its work segment with a subsidiary of Redwood Capital Investments, LLC.
Brands such as Work Authority, Kodiak, Bulwark and VF Solutions are included in the occupational workwear portion of VF’s work segment.
However, the sale does not include the purchase of the Dickies or Timberland PRO brands and the terms of the deal have not been publicly revealed.
Expected to close in the first financial quarter of 2022, the transaction is subject to customary closing conditions and regulatory approvals.
Steve Rendle, VF’s chairman, CEO and president, said, “The sale of our occupational work brands reflects our continued focus on transforming VF into a more consumer-minded and retail-centric enterprise while further simplifying our portfolio and operating model.
“We are pleased to have reached this agreement with Redwood Capital Investments. They are an ideal owner to guide these brands and businesses into their next phase of growth.”
