VF Corporation, the US owner of brands including The North Face, Wrangler, 7 For All Mankind and Lee, has signed a deal to buy premium denim brand Rock & Republic for $57m (£36.8m), according to reports.
It is understood that VF Corporation and LA-based Rock & Republic are set to finalise the deal following approval by the New York bankruptcy court by April 2011.
Rock & Republic filed for Chapter 11 voluntary bankruptcy in April this year, to find an investor to pay off a $15m (£9.7m) loan owed to denim player and creditor Richard Koral.
New York investor Bluestar Alliance had been working on a deal to buy the company out of Chapter 11. However the deal fell through last month after Bluestar had difficulty raising the cash to complete the deal.
VF Corporation is likely continue to operate Rock & Republic as an upscale denim brand, according to sources.
Last week, VF and US brands house Kellwood were both said to have reconsidered a deal for the brand after walking away earlier in the year.