Reported 12 months ago
Delta Apparel Inc., the owner of Salt Life and Soffe clothing brands, has filed for Chapter 11 bankruptcy with plans to sell its assets. The company aims to sell the Salt Life brand to Forager Capital Management LLC for $28 million in a stalking horse bid. Delta Apparel cited financial troubles due to increased raw material costs and decreased demand for its products. While continuing operations, the firm secured Chapter 11 financing with Wells Fargo Bank and existing lenders to navigate through the bankruptcy process.
Source: YAHOO