Canadian Tire Corp. Ltd. has reached an agreement to sell Helly Hansen to US-based Kontoor Brands in a deal valued at nearly $1.3bn, according to BNN Bloomberg. The company stated that this decision allows it to concentrate on its Canadian retail operations while delivering value to shareholders.

Canadian Tire has struck a deal worth $898.8 million to sell outdoor-and-workwear business Helly Hansen to Kontoor Brands as the Canadian retailer tightens its focus on its home market.

Canadian Tire Corp. Ltd. says it has signed an almost $1.3-billion deal to sell Helly Hansen to a U.S. owner of several clothing brands. Canadian Tire says the agreement announced Wednesday will see the sportswear company wind up in the hands of Kontoor Brands,

Retailer plans to use the proceeds to pay down debt, to buy back shares and to invest in its stores amid ‘market uncertainty’

Canadian Tire announced Wednesday that it has signed a definitive agreement to sell its Helly Hansen business to Kontoor Brands, Inc. for total gross proceeds of $1.276 billion, subject to closing adjustments. The transaction reflects CTC’s increasing focus on its Canadian retail portfolio, said the company in a news release.