The maker of rainy day gear survived for nearly eight decades before its two trips to bankruptcy court in 1999 and 2006. During its second stay in Chapter 11, creditors of the London Fog Group opted to liquidate the company after being unable to secure funding to help it continue operations. Iconix Brand Group purchased the brand for $37.5 million.
Today, the timeless brand transcends generations, appearing on the television show Mad Men that hearkens back to 60s era style. And Mad Men star Christina Hendricks even served as the brand's spokesperson for a time. Iconix licenses the London Fog to luxury brands, including Burberry and Coach. The brand is sold at Nordstroms, Macys and Kohls. In December 2011, Iconix took the Chinese outpost of London Fog public on the Hong Kong Stock Exchange, generating $6 million.
Iconic brands live on even after bankruptcy and liquidation, More buyers are making bets on the resuscitation of dead brand names.
|Stop driving these Hondas right now, says regulator|
|Apple patents technology to block your phone camera|
|Nancy Grace leaving HLN|
|Toyota recalls 1.4 million cars for airbag problem|
|Tesla's autopilot probed by government after fatal crash kills driver|