Pas Group has today confirmed the completed sale of its Metalicus business to the General Pants Group.

The transaction was entered into during July with the transaction conducted by way of selling assets.

The apparel retail group said the divestment will free up working capital and management resources in order to allow focus on core and new businesses.

The transaction is not expected to impact on the companies divestment in FY2017.

“I would like to take this opportunity to thank all of Metalicus staff for their effort over the past years and wish them every success in the future,” said Eric Morris, CEO, Pas Group.

Pas said despite Metalicus sales in FY2016 reaching c.$25million, the brands profitability had been disappointing.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.