The debt-laden North Face and Vans parent has completed the sale of Supreme to EssilorLuxottica for $1.5 billion in an all-cash transaction, with net proceeds heading to reduce its long-term obligations that totaled $3.8 billion at the close of the June quarter. The big paydown follows VF’s efforts in fiscal Q1 that shaved $150 million off its debt sequentially and $700 million year-over-year. VF entered into a purchase agreement with the eyewear company on July 17, marking the largest divestiture after the portfolio review that is part of CEO Bracken Darrell’s ... Log in to view full article.