Delta Apparel (DLA) has provided an announcement.
Delta Apparel, Inc. and its subsidiaries, including Salt Life, have filed for Chapter 11 bankruptcy and are planning to sell their assets through a court-supervised auction, with FCM Saltwater Holdings, Inc. positioned as the initial bidder. The proposed sale of the Salt Life® branded assets is for around $28.03 million, subject to standard adjustments and court approval. The deal enables the continuation of operations, with the possibility of competing bids influencing the final outcome. Concurrently, the company has warned that its common stock is likely to become highly speculative, and trading may soon be suspended on the NYSE American, with shareholders potentially facing significant losses.
For an in-depth examination of DLA stock, go to TipRanks’ Stock Analysis page.
