Every big and small retailer is finding it tough to survive in these challenging times. Bankruptcy, Chapter 11 and furloughing seems to be most talked about words in 2020. Isn’t it?
At least the first 6 months say the same for every retail sector.
Iconix Brand Group Inc., the US-based brand licensing firm, is the newest one to be hit by the pandemic.
The company has been lately struggling to collect funds and has also been reportedly selling its assets for the same.
In this regard, it is imperative to mention that Iconix Brand had last month made distinct its intent to sell Starter China Ltd. for US $ 16 million.
Now, the company’s management has given permission to explore options to increase its financial lifeline and find ways to survive the crisis.
In a news release, the Group on Monday (13 July) said that it is now considering a wide range of survival options that include filing Chapter 11 or even a potential merger with other firms.
Any third option may also be considered in its efforts to combat the crisis.
Meanwhile Iconix Brand has retained Ducera Partners as its financial consultant and Dechert as its law firm to help in the review efforts.
The American-based Iconix Group owns, licences and markets brands in apparels and footwear industry. It today owns Umbro, Lee Cooper and Mudd Jeans, among others.