Lapatella
Retail chains are not currently experiencing their best moment in the United States, which is why many have made the decision to declare bankruptcy. Such is the case with popular clothing and accessories brand Salt Life, which announced this week that it will close its 28 retail stores.
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The news comes after Iconix International and Hilco Consumer-Retail Group acquired the company through bankruptcy auction. The new owners plan to restructure the fashion company and design a plan for its future, Fox Business reported.
“The purchase, which was made through a competitive bankruptcy auction, includes the brand and associated assets. “Helco will support Iconix in the Salt Life brand's transition toward a more focused wholesale and e-commerce business model,” they said in a joint statement cited by the News.
Likewise, Iconix and Hilco have confirmed that they are liquidating all product inventory, as well as furniture and display units for the stores that will gradually close. They also indicated in the document that liquidation sales began on September 20 last year.
“The two financial services companies paid $38.74 million to purchase the clothing line. The sale was confirmed Thursday. Fox added that the new owners are not only liquidating product and merchandise inventory, but also liquidating furniture and store displays.
Then he said: “Salt Life gift cards will be valid until October 20 of this year. “The Salt Life Food Shack restaurant chain is a separate entity from the Salt Life Lifestyle brand, and the Delta bankruptcy auction did not impact the operation or ownership of the restaurants.”
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