Tilley Endurables, the manufacturer and retailer behind the iconic Tilley hat, has been sold to a subsidiary of U.K.-based private equity firm known for its investments in distressed companies.

Alex Tilley says it would be foolish to take the manufacturing of Tilley hats outside Canada. But it's a decision that is ultimately out of his hands.

Alex Tilley is making plans to hang up his hat. Canada's prolific hat designer says the company he founded more than 30 years ago is up for sale.