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Iconix Brand Group Inc. pulled another $16 million out of its branded cupboard. 

The intellectual property specialist 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 Sept. 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. 

All of that echoes the company’s $62.5 million deal in April to sell Umbro China to HK Qiaodan Investment, also set to close by Sept. 15.

Iconix chief executive officer Robert Galvin telegraphed discontent with the Umbro China business on a call with analysts in November, but sounded more bullish on Starter. 

“China is continuing to be an important market for us,” Galvin said. “We think that we have had the wrong partner for Umbro. We’ve terminated that, and we’re assessing other options in order to expand that. The Starter business, I was there for the first store opening in Beijing in May, and I think we’re up to close to 20 stores already for Starter.”

But the scene has been reset with the coronavirus shutdown and companies have raced to make sure they have some extra cash on hand. 

As of March 31, Iconix had 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.

On Wednesday, Iconix, which has seen its stock drop as low as 51 cents a share over the past year, said it was once again in compliance with Nasdaq’s minimum bid price rule. The stock traded up 6 percent in morning trading Thursday to $1.06, leaving it with a market capitalization of $12.6 million.