Apparel and footwear company VF Corp. announced that it has entered into an agreement to sell its Reef brand business to The Rockport Group for an undisclosed amount.

“Reshaping VF’s brand portfolio to deliver sustainable, long-term growth and superior returns to shareholders remains our top priority,” said VF CEO Steve Rendle in a statement. “Today’s announcement is another step toward delivering on the commitments outlined in our multi-year business strategy.”

VF Corp. is an apparel and footwear company that went public in 1978. It currently has more than 30 brands, including powerful brands like Vans, The North Face, Dickies, Timberland and Jansport. During recent years, the Greensboro-based company has been revamping its business by selling off brands and acquiring new ones.

In April, VF sold its Nautica brand. In August, the company announced its plans to split its jeans business into a separate company and move the headquarters of the company’s outdoor apparel business to Denver.

The transaction, expected to close in October, is subject to customary closing conditions and regulatory approvals.

The Reef brand was founded in 1984 and acquired by Greensboro-based VF in 2005 as an addition to its outdoor portfolio.

Reef will maintain its headquarters in Carlsbad, California, and operate as an independent global brand under The Rockport Group, a Boston-based manufacturer of casual and dress shoes.

“Reef is a powerful brand with deep authenticity and an incredibly loyal customer base,” said Gregg Ribatt, CEO of The Rockport Group. “We are excited to work with the strong leadership team that has been guiding Reef through its brand evolution and resurgence.”

VF’s stock price fell $2.35, or 2.51 percent, to $91.45 on Thursday amid market fears of rising rates as 10-year yield hit its highest since 2011.