<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1X89xK_0voJdWZ800" alt="https://img.particlenews.com/image.php?url=1X89xK_0voJdWZ800" width="900" height="506" ></figure>Brand management company Iconix International Inc., in partnership with the liquidator Hilco Consumer-Retail Group, has completed its acquisition of the Salt Life apparel brand for $38.74 million after previous owner Delta Apparel Inc. filed Chapter 11 bankruptcy in late June. All 28 of Salt Life’s stores will close as the brand’s new ownership transitions to a wholesale and e-commerce business model.Iconix’s portfolio of brands include Umbro, Pony, Starter, Ocean Pacific, Danskin, Lee Cooper and Ecko Unltd. Hilco will liquidate the inventory and store assets related to the Salt Life brand.Iconix said the acquisition aligns with Iconix’s strategy to expand into new verticals, including fishing and active watersports, hospitality, hardline home goods, and food &amp; beverage, while extending Salt Life into additional product categories. While Thread Collective has been appointed as the new licensee for men’s and women’s apparel, Iconix is finalizing its core group of licensees to rapidly scale the brand.This marks Iconix’s second brand acquisition in a year as the company continues to explore further opportunities. Last November, Iconix acquires majority ownership of British streetwear brand Hoodrich.“The acquisition of the brand Salt Life represents an incredible opportunity for both Iconix and our partner Hilco, as well as for our licensing partners such as Thread Collective. It’s also an incredible opportunity for the brand to serve its loyal existing and new customer base across the globe. Moreover, the brand aligns seamlessly with Iconix’s investment criteria and ongoing strategic plan, and we are thrilled by the strong interest from our partners, which underscores the potential for rapid growth and scaling of Salt Life. The brand offers exceptional opportunities for global expansion, as well as substantial whitespace in the U.S. market. Welcome aboard, Salt Life!,” said Bob Galvin, chief executive officer, Iconix International.In the final year ended September 30, Delta Apparel said its Salt Life Group segment net sales were $59 million compared to prior year net sales of $60 million. Salt Life Group segment operating income was $6.2 million, or 10.4 percent of sales, compared to $8.2 million, or 13.6 percent of sales, in the prior year.As part of its bankruptcy filing, Delta indicated that it planned to sell certain Salt Life brand assets for approximately $28 million to FCM Saltwater Holdings, which had agreed to act as the stalking horse bidder that will set the price in a court-supervised auction for the assets. Iconix and liquidator Hilco subsequently won the bidding for Salt Life business at the auction. Delta said last October that it had received an unsolicited offer to purchase the Salt Life business unit from an unnamed party, and its Board had engaged Baird as its financial advisor.Also as part of Delta Apparel’s bankruptcy auction, Fanatics successfully bid nearly $258,000 to purchase 1,289,168 units of Fanatics blanks from the DTG2Go assets. DTG2Go, the print-on-demand service run by Delta, closed in mid-June.Soffe, the other ubiquitous brand in Delta Apparel’s stable with its once popular must-have “Soffe Shorts” for girls, also had assets picked up at the auction. The winning bid of $15.3 million came from former cross-state hosiery manufacturer Renfro LLC. NG Labs, the owner of the Boxercraft, Headsweats and Recover brands, reportedly submitted a bid of $15.1 million.Photo courtesy Salt Life </div></body>

Mountain View, CA

NewsBreak

Iconix Completes Acquisition of Salt Life in Bankruptcy Proceedings

Brand management company Iconix International Inc., in partnership with the liquidator Hilco Consumer-Retail Group, has completed its acquisition of the Salt Life apparel brand for $38.74 million after previous owner Delta Apparel Inc. filed Chapter 11 bankruptcy in late June. All 28 of Salt Life’s stores will close as the brand’s new ownership transitions to a wholesale and e-commerce business model.