VFC has inked a definitive agreement to sell the workwear brand to Bluestar Alliance for $600 million in cash, the latest significant move in ongoing portfolio streamlining as part of its Reinvent turnaround strategy. The sale is expected to close by year-end, pending regulatory approval, with VF CEO Bracken Darrell stating that the proceeds will aid in reducing VFC's net debt level. Losing Dickies is growth accretive on a pro-forma basis, as sales were down 12% to $542.1 million last year. The brand saw a slight narrowing of declines in VF's ... Log in to view full article.