VF Corp., the parent company of well-known brands such as Vans, has recently been downgraded to junk status by S&P Global Ratings due to a significant decline in sales across its top brands. The rating agency has lowered VF's issuer credit rating from BBB- to BB, citing concerns about the company's competitive position.

The recent financial report of VF Corp. revealed disappointing second-quarter sales figures for its key brands, including Vans, The North Face, Dickies, and Timberland. This decline in revenue has raised concerns about the company's market performance and future prospects.