Salt Life, the popular beachwear brand that started in Jacksonville Beach, has filed for bankruptcy. Its new owners plan to close all retail stores.
The brand, known for its ocean-inspired clothing, became a joking way for locals to spot newcomers in recent years.
Delta Apparel Inc., which bought Salt Life in 2013 for $37 million, filed for Chapter 11 bankruptcy and put the brand up for sale. The company blamed falling demand and rising costs.
A group led by Iconix International Inc. and Hilco Merchant Resources purchased Salt Life for $38.4 million and has started the process of shutting down stores, according to the Jacksonville Daily Record.
Salt Life’s flagship store in Jacksonville Beach—one of 28 locations in 10 states—has a sign saying it is “temporarily closed.”
However, Salt Life Food Shack restaurants, which use the brand’s logo, are owned separately and will not be affected.
Even though Salt Life made $26 million in sales over six months, it was still losing money with little chance of recovery.
Salt Life was founded in 2003 by four surfers and fishermen from Jacksonville Beach. One of them, Michael Hutto, made headlines in 2020 when he was arrested for killing his 18-year-old girlfriend, Lora Grace Duncan. He later pleaded guilty to manslaughter and was sentenced to 12 years in prison.
Hutto had already sold his share of Salt Life back in 2013, long before the incident.
