By
Bloomberg
Published
Jul 1, 2024
Delta Apparel Inc., owner of beachwear brand Salt Life and activewear label Soffe, has filed bankruptcy intending to sell its assets.
On Monday, the publicly traded company said it could complete multiple deals for its apparel brands and has already struck an agreement to sell its Salt Life brand to Forager Capital Management LLC for roughly $28 million. The offer is in the form of a stalking horse bid, meaning it will set the floor price for the Salt Life brand and is also subject to better offers should any materialize in the coming weeks.
Delta Apparel filed Chapter 11 Sunday in Delaware, listing roughly $337.8 million in assets and $244.5 million in total debt, according to the company’s bankruptcy petition. An increase in cotton prices and other raw materials diminished demand for its products, contributing to its financial troubles, according to court papers.
The firm said it will continue operating normally while it’s under court protection and has lined up Chapter 11 financing with Wells Fargo Bank and its other existing lenders. The amount of financing couldn’t immediately be learned.
The case is Delta Apparel Inc., number 24-11469, in the US Bankruptcy Court for the District of Delaware.
Translated by Roberta HERRERA Published September 20, 2024 On Monday, September 23, the historic Place de l'Opéra in Paris will be transformed i
By AFP Translated by Nicola Mira Published September 20, 2024 Bernard Arnault, boss of global luxury giant LVMH, has notified the group’s top
Translated by Nicola Mira Published September 20, 2024 Lithuanian vintage fashion e-tailer Vinted, which made a profit for the first time in 2023
Published September 20, 2024 Luxury outerwear brand Mackage has launched its fall/winter 2024 collection with a new campaign starring supermodel St