Sequential Brands Group Inc. in a regulatory filing said it sold its 65 percent interest in DVS Footwear to Elan Polo International Inc. for $2 million in cash.
The sale closed on July 19.
The sale comes amid reports in mid-June that Sequential Brands was exploring filing for bankruptcy protection to divest its portfolio of brands or sell the company.
On April 26, it reached a deal to sell Heelys to BBC International, which had been licensing the brand, for $11 million. Other brands owned by Sequential Brands include AND1, Gaiam, SPRI, Avia, Joe’s, Ellen Tracy, Jessica Simpson, William Rast, Caribbean Joe, and The Franklin Mint.
Photo courtesy DVS Footwear