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V.F. Corp. shares sink nearly 11% as the jeans business takes a hit from Sears bankruptcy

V.F. Corp.’s jeans business, which includes brands like Lee and Wrangler, slipped 7% in the second-quarter, signaling the impact of the Sears Holdings Corp. bankruptcy.

V.F. Corp VFC, -10.71% announced in August that it would spin off its Jeanswear business to create two publicly traded companies. The yet-to-be-named company, referred to as NewCo., is expected to be separated at the end of April 2019, Chief Executive Steven Rendle said on the earnings call, according to a FactSet transcript.

During the earnings call, V.F. Corp. Chief Financial Officer Scott Roe acknowledged that the jeans business had a “difficult quarter, compounded by the impact of a customer bankruptcy.

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