Global sportswear giant Adidas is to sell its Reebok brand as part of a strategic overhaul.
The Bolton-founded firm was acquired by Adidas in 2006 but has suffered falling market share in recent years in what is a highly competitive sector.
Reebok, which was founded in 1895 as a companion company to sports shoe manufacturer JW Foster and Sons, moved its global headquarters to the US in the 1980s and was seen as a competitor to Nike in the American market.
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But the company had retained links to its North West roots, sponsoring Bolton Wanderers' stadium from 1997 to 2014.
Reebok company has struggled in recent times both with strong competition from other sportswear brands and the coronavirus lockdowns, which has shut many of its shops around the world.
Adidas said it was divesting itself of Reebok as part of a five-year simplification strategy.
Adidas CEO Kasper Rorsted said: “The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands.
“After careful consideration, we have come to the conclusion that Reebok and adidas will be able to significantly better realize their growth potential independently of each other.
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“We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it.”
Adidas had first signalled that it was considering options for Reebok's future at the end of last year.
The German firm said it would report Reebok as a discontinued operation from the first quarter of 2021. More details on its strategic business plan until 2025 will be unveiled at the company’s virtual Investor and Media Day on March 10.
Reebok returned to profitability in 2018 as the result of a turnaround plan but it accounted for just 7% of Adidas' global sales, down from 18% in 2010.