Lost Playboy
Iconix suspends negotiations with Playboy
According to a person familiar with the situation, Iconix Group Inc. suspended its negotiations with Playboy due to difficulties surrounding the separation of the Playboy brand and other corporate assets.
The source disclosed on Wednesday that the two sides are trying to solve the problem, but may not reach an agreement. Iconix will postpone talks with Playboy, a news that Playboy shares on the New York Stock Exchange fell 13%. However, because things have not been announced, he asked not to disclose his name.
Playboy and Iconix both declined to comment on the matter, but Playboy spokesman Martha Lindeman said the company's board of directors had been in talks on Tuesday.
Iconix, which owns and operates apparel brands such as Candies, Joe Boxer and Rocawear, plans to introduce a publishing partner to acquire the Playboy magazine of the same name, while retaining part of its brand management mandate. One of the key issues facing the moment is that it wants both to own the Playboy brand and to get out or shut down Playboy. Insiders disclosed that at present no other buyers have expressed their interest in Playboy.
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