Popular beach apparel and accessory brand owner files for bankruptcy [Video]

Delta Apparel, the Georgia-based wholesale apparel maker and parent company of Salt Life, has filed for bankruptcy protection and says it has a deal in place to sell the beachy leisure brand and will continue to operate as it seeks buyers for its other assets.

Duluth-based Delta said in a Monday filing with the U.S. Securities and Exchange Commission that it will sell the Salt Life brand to FCM Salt Life Holdings Inc., which, if approved by U.S. Bankruptcy Court in Delaware, will serve as a “stalking horse.” As such, the $28 million agreement sets the floor for the Salt Life brand, though other bidders could step forward.

Salt Life, perhaps best-known for its decals on pickup trucks, SUVs, coolers and beachwear, makes men’s, women’s and children’s apparel, eyewear and other goods for beachcombers, anglers and divers. The brand has retail stores largely in Florida and elsewhere in the Southeast.

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