Canadian Tire Corp. (CTC) has reached an agreement to sell its Helly Hansen activewear brand to Kontoor Brands Inc. The deal is valued at nearly $1.3 billion. Kontoor, based in North Carolina, is the parent of the Lee, Wrangler, and Rock & Republic denim brands.
In a press release, CTC noted the current climate of “market uncertainty.” It will use proceeds from the sale to invest in its retail store network, as well as for debt repayments and share buybacks.
