Casual apparel retailer Glorious Sun Enterprises Ltd on Tuesday announced it plans to sell its New Zealand subsidiary for around $2.2 million.

In a statement, the company said the move would boost its financial performance and that the deal includes a shareholder's loan and the free transfer of the "Jeanswest" trademark in New Zealand.

It added it does not see the unit's performance improving significantly and said sale proceeds will be used as general working capital.