Global beachwear brand is closing all US stores as shoppers rush to snag clearance deals
A beloved clothing chain is closing all of its stores, but not before slashing prices in a massive sale.
Salt Life, the beachwear store popular with surfers and fishermen, will close all 28 of its locations in 10 states, the company announced Tuesday.
Founded in 2003, the Florida-based retailer quickly grew to rival established surf, beach and fishing brands such as Billabong, Hurley, Quicksilver and Rip Curl.
But the retailer was forced to file for Chapter 11 bankruptcy in June, hoping to cut costs and reduce debt to keep its business afloat.
On September 20, all Salt Life locations, including the flagship store in Jacksonville Beach, began their liquidation sales, promising discounts of up to 40 percent.
“Customers are encouraged to take advantage of these significant savings now, while selection is at its best,” the brand’s new owners said.
Salt Life, founded in 2003, filed for Chapter 11 bankruptcy in June. A company that bought it is now closing all of its stores and will only offer the brand online
In addition to the brand’s beloved fishing, surfing and beachwear, the store’s fixtures and equipment will also be sold, the press release said.
Delta Apparel, the parent company of Salt Life, said demand for its products was declining and the company was having difficulty obtaining the raw materials needed to make the goods, which was causing liquidity to decline.
The brand and associated assets were purchased at auction by Hilco and Iconix International Inc. for $38.74 million.
The companies now plan to no longer sell the brand through physical stores, but through a wholesale and e-commerce company.
“The Salt Life brand enjoys widespread recognition and loyalty among ocean enthusiasts around the world,” Hilco said in a statement announcing the closures.
‘In the coming months, many operational functions will be phased out in an organized manner to facilitate the transition.’
Signs announcing sales can be seen everywhere in the brand’s stores and customers are eager to score a bargain.
Clothing purchased before September 20th can be returned until October 20th, however, all sales made on or after September 20th are final.
Salt Life gift cards are also accepted until October 20th.
No final end date has been given for the store closures, but they are expected to be completed in the coming months.
The Florida-based brand was loved by surfers and fishermen, as well as beachgoers in general
For brands with physical stores, 2024 has been something of a retail apocalypse.
In the first half of the year alone, almost 2,600 stores closed.
Earlier this summer, Bob’s Stores, which sold sports and casual clothing in six states, also closed all 21 of its stores.
Walmart has closed three more underperforming locations, while Rite Aid is closing another 27 pharmacies.
Dollar stores have also been hit hard: 99 Cents Only announced in April that it would close all 371 of its locations in California, Texas, Arizona and Nevada.
Also, 1,000 Family Dollars and Dollar Trees will close permanently in the coming years.