Apparel maker Algo Group Inc has sold certain assets of its fashion fabrics business unit in the US, and will use the money raised to repay some of its liabilities.

As a result of the sale, the company's fashion fabrics business unit, which includes Hamil America Inc and the Hamil Textiles division of Tangiers International Ltd, will cease activities.

Algo Group makes and imports ladies' fashion apparel and men's, boy's and children's sportswear that is marketed throughout North America.