(RTTNews) – VF Corp. (VFC) said it entered into a definitive agreement to sell the occupational portion of its Work segment to a subsidiary of Redwood Capital Investments, LLC, a diversified holding company. Terms of the deal remain undisclosed.
The occupational workwear portion of VF’s Work segment includes Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority and Horace Small brands. The sale does not include the Dickies and Timberland PRO brands.
The transaction, which is subject to customary closing conditions and regulatory approvals for a closing to occur, is expected to close in the first quarter of fiscal 2022.