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VF boosts portfolio with Timberland deal
GREENSBORO, N.C. and STRATHAM, N.H. — VF Corp., owner of the Wrangler, Lee, 7 For All Mankind, among other big name apparel brands, has added another apparel juggernaut to its ranks. The company announced that it has signed a definitive merger agreement with The Timberland Company. VF will pay Timberland shareholders $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired. The merger agreement was unanimously approved by both companies’ boards of directors.
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REI makes Indiana debut
SEATTLE — Recreational Equipment Inc. announced that it will open its first Indiana store in Indianapolis next spring.
According to the company, the one-story, approximately 23,800 sq.-ft. store will offer products from the top brands of outdoor gear and apparel for camping, climbing, cycling, fitness, hiking, paddling, snow sports and travel. The Indianapolis store will also house a bike shop for quick assemblies and repairs, and a seasonal gear rental department for customers looking to test new activities, REI reported.