Iconix Will Take Huge Impairment Charge in Q3
ICON, which is still finalizing its third quarter results, said it would take a non-cash intangible asset impairment charge of $500 to $750 million related to its women’s segment and a $15 million write off of deferred tax assets in Q3. The writedown was likely triggered by the month-ago revelation that Walmart had declined to renew its license for the DanskinNow brand. Although Danskin is still being distributed through Lord & Taylor, Costco and TJMaxx, the loss of WMT represents a $15.5 million hit to licensing revenue in 2018. As we reported at the time, that put ICON in violation ... Log in to view full article.