Tropical Sportswear Intl Corporation announced has sold the Duck Head trademark to Goody’s Family Clothing, Inc. for $4 million in cash. The purchase agreement provides that TSI will be able to continue to sell existing Duck Head inventory for a period of time and that Goody’s will purchase certain remaining inventory from TSI. Goody’s will assume all licenses associated with the Duck Head trademark effective immediately.
TSI had previously announced that it would exit its current Duck Head(R) retail outlet business as leases expire. With the sale of the Duck Head trademark, the timing of that exit will be accelerated and a substantial portion of the $4 million in proceeds will be used for the accelerated closure. All retail outlet stores are now expected to be closed by November of this year.
Mr. Christopher Munday, CEO and President, commented, “In addition to being a good decision financially, the sale of the Duck Head(R) brand and exiting the retail outlet store business will free up valuable resources and allow us to focus on our core business.”
“We are extremely proud to assume ownership of a brand with so much historical significance in our country,” said Robert M. Goodfriend, Chairman and Chief Executive Officer of Goody’s. “As we celebrate our Company’s 50th anniversary and continue to build the strength of the nationally recognized and exclusive brand selections we offer to our shoppers, we believe the Duck Head brand will be an excellent addition.”
The legendary Duck Head brand was conceived after brothers George and Joe OBryan opened an apparel wholesale business after returning home to Nashville, Tennessee, from Civil War duty. The brothers innovative trouser design, cut and sewn from the closely woven tent material known as “Duck” was later trademarked as Duck Head, and a unique American brand was born. As World War II broke out in 1941, the brothers OBryan donated their manufacturing plants to produce nearly five million uniforms for the American men and women fighting for our country.
“With its history of classic styling, understandable fashion and heritage of quality, we believe that the Duck Head brand has a universal appeal that makes it a great fit into our stable of established private brands,” said Max W. Jones, Goody’s Executive Vice President of Merchandising. “We plan to maximize Duck Head’s potential across our product divisions, including men’s, women’s and children’s.”
