Canadian Tire has signed a $1.3 billion deal to sell Helly Hansen to Kontoor Brands, the owner of Wrangler, Lee, and Rock & Republic. The sale is part of Canadian Tire's strategy to focus on its Canadian retail portfolio and unlock value for the company and shareholders. A multi-year supply agreement will allow Canadian Tire and its brands to continue selling Helly Hansen products. The deal, expected to close in the second quarter of 2023, is subject to regulatory approvals and customary conditions. Canadian Tire acquired Helly Hansen in 2018 for $985 million.