John Hayter, president of Vickers & Benson Advertising of Toronto, says contrary to what is being said on the street, the agency has not been sold.

Hayter says the rumor may have started because the agency is selling its minority share in Toronto-based retail consultancy Vandenburg + Co. to Diefenbach Elkins of New York.

The majority of shares of Vandenburg, now Diefenbach Elkins Vandenburg, have already been sold to the u.s. firm, and the two recently merged.

Hayter says v&b plans to do some restructuring this fall, but that it will be limited to reassigning responsibilities within the agency.