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With fewer customers heading out to stores to buy products, retailers are getting hit hard, and quite a few have had to declare bankruptcy because of it. Express, Bob's Stores, Rue21, Ted Baker, Soft Surroundings and Outdoor Voices are just some of the many chains that recently went bankrupt, with many needing to close all of their locations. Now, another popular clothing retailer will also be shuttering all stores amid bankruptcy.
All of the nation's Salt Life stores, the beach clothing shops with fishing shirts, board shorts, decals, apparel and more, will be shut down in the weeks to come. The news follows the retailer's parent company, Delta Apparel Inc., declaring bankruptcy in late June. In a court filing, the company explained what caused their troubles, saying, "A combination of reduced demand and difficulties obtaining raw materials have resulted in declining liquidity that Delta’s Board has been unable to counteract, despite their best efforts." In 2013, Delta acquired the brand, founded in 2003, paying $37 million for it. Over the years, they expanded it from its flagship Jacksonville store to its current 28 locations in ten states.
Due to the bankruptcy, they sold everything to a brand management company and a liquidator for $38.74 million. Those companies plan to turn the Salt Life brand into a wholesale and e-commerce business after liquidating all the stores. Over the next few months, all inventory in Salt Life stores and distribution centers, plus all equipment, furniture and fixtures, will be sold off. Gift cards and returns on purchases made before September 20th will be accepted until October 20th. All sales now though are final. There is currently a 40% discount on t-shirts, shorts, hoodies, tumblers and other items.