Iconix Brand Group Inc. said in a regulatory statement that it agreed to sell Starter China Limited for $16.0 million. The Starter China sale includes the sale of the Starter brand in Mainland China, Hong Kong, Taiwan, and Macau.
Iconix said the Starter China sale is anticipated to close on, or prior to, September 15, 2020, subject to the satisfaction or waiver of customary closing conditions.
The company anticipates using the net proceeds from the Starter China Sale to repay amounts due under its existing financing arrangements and otherwise for general corporate purposes.
The sale comes after Iconix announced in April plans to sell Umbro China for approximately $62.5 million. Similarly, the business included the sale of the Umbro sports brand in the People’s Republic of China, Hong Kong, Taiwan, and Macau. The Umbro China Sale is anticipated to close on, or prior to, September 15, 2020.
Photo courtesy Iconix
