Intellectual property specialist and US brand management company Iconix Brand Group (ICON) recently entered into a share purchase agreement to sell its equity of Starter China for $16 million, according to a filing with the Securities and Exchange Commission. The buyer was not identified in the filing, but the deal is expected to close by September 15.

The Starter China business has been part of the Iconix China subsidiary. Iconix plans to use the proceeds to repay debt and for general corporate purposes.

According to Iconix chief executive officer Robert Galvin the company was up to close to 20 stores already for Starter in China, but the scene has been reset with the coronavirus shutdown and companies have raced to make sure they have some extra cash on hands.

As of March 31, Iconix had a total debt of $645 million with annual revenues of $141 million and earnings before interest, taxes, depreciation and amortization of $64 million, according to S&P Capital IQ.