IC Companys, the Danish-based parent company of Peak Performance, is to sell its Jackpot and Cottonfield brands to the Danish Coop, one of country's leading consumer goods retailers. The move is part of a process of simplifying its business model, in line with the corporate strategy it had previously announced. Following the sale, the existing retail stores selling the Jackpot and Cottonfield brands will be gradually phased out, while the distribution to wholesale customers will continue until Dec. 31, 2013. IC Companys reported a decline in first-half sales earlier this year. The firm said that the agreement will generate a positive cash flow of around DKK30 million (€4.0m-$5.2m), but will also result in charges of DKK80 million (€10.7m-$13.9m) for provisions and write-downs.

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