As reported in Just-Style, VF Corporation, one of the leading apparel and workwear providers has struck a deal to sell the occupational portion of its work segment. This was done in pursuit of transforming their group into a more retail-centric enterprise while also simplifying its portfolio.
Its occupational workwear includes Red Kap, Bulwark, VF Solutions, Walls, Terra, Kodiak, Work Authority, Horace Small Brands, and Workrite.
A sale was made to a subsidiary of Redwood Capital Investments, LLC, a diversified holding company. This deal, however, does not hold Dickies and Timberland PRO brands.
“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,” says VF’s Chairman, President and CEO, Steve Rendle. “We are pleased to have reached this agreement Redwood Capital Investments. They are an ideal owner to guide these brands and businesses into their next phase of growth.”
The transaction is expected to close in the first quarter of fiscal 2022, and is subject to customary closing conditions and regulatory approvals for the closing to occur. However, the terms and conditions were not disclosed.
