Footasylum has been sold to a group in Germany for £37.5m after JD Sports was ordered to dispose of the brand by the UK's competition watchdog.
The Bury-headquartered retail group has exchanged contracts with Aurelius Group, with the deal expected to complete in the coming weeks.
The move comes after JD Sports bought Footasylum for £90m in March 2019. However the Competition and Markets Authority (CMA) ordered it to dispose of the company because of serious competition concerns. READ MORE: Click here to sign up to the BusinessLive North West newsletter In a statement issued to the London Stock Exchange, JD Sports said it has "cooperated with the CMA throughout the divestment process, including ensuring that the purchaser was acceptable to the CMA and met certain key criteria set out within the final undertakings".
JD Sports interim chief executive Kath Smith said: "I would like to sincerely thank the teams at AURELIUS and Footasylum who worked collaboratively with the CMA to agree this transaction.
Read more on manchestereveningnews.co.uk
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