VF Corporation Completes the Sale of the Occupational Portion of Its Work Segment

Rhea-AI Summary

VF Corporation (NYSE: VFC) has completed the sale of its occupational workwear segment to a subsidiary of Redwood Capital Investments, LLC. This segment includes brands like Red Kap®, Bulwark®, and Workrite®, but excludes Dickies® and Timberland PRO®. The sale aligns with VF's strategy to streamline its operations following a definitive agreement announced on April 28, 2021. The terms of the sale remain undisclosed, as the company continues to focus on its core lifestyle brands while enhancing stakeholder value.

Positive

• Strategic divestment of non-core occupational workwear segment.
• Focus on enhancing core lifestyle brands and stakeholder value.

Negative

• None.

VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced that it has completed the sale of the occupational portion of its Work segment to a subsidiary of Redwood Capital Investments, LLC, a diversified holding company.

The occupational workwear portion of VF’s Work segment includes the following brands: Red Kap^®, VF Solutions^®, Bulwark^®, Workrite^®, Walls^®, Terra^®, Kodiak^®, Work Authority^® and Horace Small^®.

The sale does not include the Dickies^® and Timberland PRO^® brands.

The announcement follows the April 28, 2021, news release in which VF announced that it had entered into a definitive agreement regarding the sale of this business. Terms of the agreement were not disclosed.

About VF

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans^®, The North Face^®, Timberland^® and Dickies^®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

About Redwood Capital Investments, LLC

Redwood is a long-term holding company headquartered in Baltimore, MD that acquires and builds businesses across a diverse set of industries. Redwood’s existing businesses operate in the distribution, dealership, equipment leasing and real estate industries. Redwood focuses on creating value through reinvesting in their businesses to drive growth and create opportunities for employee advancement while preserving company culture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210628005714/en/

FAQ

What brands were included in the sale of VF Corporation's Work segment?

The sale included brands such as Red Kap®, Bulwark®, and Workrite®.

Which brands were excluded from the sale of VF's Work segment?

The sale did not include the Dickies® and Timberland PRO® brands.

When did VF Corporation announce the definitive agreement for the sale?

The definitive agreement for the sale was announced on April 28, 2021.

What is the purpose of VF Corporation's recent divestment?

The divestment aims to streamline operations and focus on enhancing core lifestyle brands.

Who acquired the occupational workwear segment of VF Corporation?

The occupational workwear segment was acquired by a subsidiary of Redwood Capital Investments, LLC.