Canadian Tire sells Helly Hansen to U.S. company for $1.3B
In a statement released Monday, Canadian Tire said 'it has successfully closed the previously-announced sale of the Helly Hansen business to Kontoor Brands, Inc.'
The retailer founded in 1922 announced earlier in the year that it was selling sportswear business Helly Hansen to Kontoor Brands.
The almost $1.3-billion deal with the U.S. owner of clothing labels Wrangler, Lee and Rock & Republic boosted Canadian Tire's balance sheet with the kind of cash it would need for a Bay deal.
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Hudson's Bay to sell its brands to Canadian Tire in $30M deal
Canadian Tire CEO Greg Hicks said back in February that customers will still be able to buy Helly Hansen products off their shelves.
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'As we shift from brand owner to brand customer, we expect Helly Hansen's world-class products to remain on our shelves and on the shopping lists of our customers. We are excited to see where Kontoor takes the brand next,' said Hicks.
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The company said it was selling the brand to focus on its Canadian retail business.
'As our strategy becomes more singularly focused on great Canadian retail, it is time to pass this iconic brand into global hands,' Hicks said.
He said the money made from this sale would go towards 'a combination of debt reduction, share repurchases, as well investments to drive customer experience and growth in its core Canadian retail business.'
— with files from Canadian Press
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