Dozens of Salt Life retail stores across the country are closing following the company's recent purchase.
Hilco Consumer-Retail Group, one of the new owners of the brand, announced Tuesday that it will be closing all 28 retail locations.
Liquidation is underway as new ownership plans to restructure the fashion company and lay out a plan for the future of the brand.
A Salt Life apparel store is pictured at the Tanger Outlet in Deer Park, New York. (John Paraskevas/Newsday RM via Getty Images / Getty Images)
Salt Life is a lifestyle, restaurant and clothing brand founded in 2003 in Jacksonville Beach.
Hilco, together with Iconix International, jointly purchased the Salt Life apparel line after previous owner Delta Apparel Inc. filed Chapter 11 bankruptcy in June.
Brand management company Iconix International Inc., in partnership with the Hilco Consumer-Retail Group (Hilco), trusted retail partner, capital provider and global leader of retail services, acquired the popular active lifestyle brand, Salt Life. (Hilco Consumer-Retail / Fox News)
The two financial service companies paid $38.74 million to acquire the apparel line.
The sale was confirmed earlier this month, on Sept. 19.
New ownership is liquidating not only product stock and merchandise, but also store fixtures and displays.
Salt Life is a lifestyle, restaurant and clothing brand founded in 2003 in Jacksonville Beach. (Google Earth / Google Earth)
Salt Life gift cards will be honored until Oct. 20 of this year.
The Salt Life Food Shack chain of restaurants is a separate entity from the Salt Life lifestyle brand and Delta's bankruptcy auction did not affect the operation or ownership of the restaurant locations.