JACKSONVILLE BEACH, Fla. – After being sold at auction, the Salt Life apparel business is expected to have new owners.
A bankruptcy judge will take a look at the deal in a hearing Thursday afternoon.
Delta Apparel, which owns the “Salt Life” assets, filed for bankruptcy in June.
Last week, Iconix International and Hilco Merchant Resources submitted a joint bid of just under $39 million.
The two companies each describe themselves as brand management firms on their websites.
Salt Life was founded in Jacksonville Beach in 2003 and eventually grew to 28 retail stores.
Its current ownership group, Delta Apparel, bought Salt Life for $37 million in 2013.
Salt Life notified employees at its 16 locations across Florida that if the company was not able to find a new buyer, they would each have to permanently close.
The notice to the state listed 98 employees, including eight at the Jacksonville Beach location, who would lose their jobs.
However, the potential buyers have not said what they plan to do with the brand.
The Salt Life Food Shack restaurants are not a part of this deal. Those restaurants are not owned by Delta Apparel. They only license the “Salt Life” brand.
The sale is set to become official during the hearing that begins at 2 p.m. Thursday.