Crossword Genius

Company releases territorial divisions (8)

Ross

I believe the answer is:

counties

'territorial divisions' is the definition.
(county is a kind of territorial division)

'company releases' is the wordplay.
'company' becomes 'co' (abbreviation).
'releases' becomes 'unties' (releases someone tied up).
'co'+'unties'='COUNTIES'

(Other definitions for counties that I've seen before include "administrative areas" , "Administrative divisions" .)

I've seen this clue in The Globe and Mail.
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