Clothing brand Salt Life closes all retail stores after bankruptcy auction

Dozens of Salt Life retail stores across the country are closing following the company's recent purchase.

Hilco Consumer-Retail Group, one of the brand's new owners, announced Tuesday that it will close all 28 retail locations.

Liquidation is underway as a new owner plans to restructure the fashion company and develop a plan for the brand's future.

Salt Life is a lifestyle, restaurant and clothing brand founded in 2003 in Jacksonville Beach, Florida.

Hilco jointly bought the Salt Life clothing line with Iconix International after former owner Delta Apparel Inc. filed for Chapter 11 bankruptcy in June.

The two financial services companies paid $38.74 million to acquire the clothing line.

The sale was confirmed on Thursday.

New owners not only liquidate product inventory and merchandise, but also store fixtures and displays.

Salt Life gift cards will be redeemed until October 20th of this year.

The Salt Life Food Shack restaurant chain is a separate entity from the Salt Life lifestyle brand, and Delta's bankruptcy auction did not impact operations or ownership of the restaurant locations.