Iconix’s Umbro brand.

Iconix Brand Group has sold the rights to The Sharper Image for $100 million to ThreeSixty Group.

The cash transaction, expected to close today, includes related intellectual property assets of the Sharper Image brand. ThreeSixty Group is the brand’s largest licensee.

The company said it plans to use the net proceeds, plus additional cash, to pay down about $115 million of debt, a portion of which will be used to pay down the firm’s Senior Secured Notes issued under Iconix’s securitization facility and a portion of which will be used to pay down the company’s Senior Secured Term Loan.

While the company expects to record a gain on the transaction, Iconix said that for 2017, the net impact of the sale of The Sharper Image brand and the repayment of debt is expected to be neutral to earnings.

John Haugh, Iconix’s chief executive officer, said the brand did not fit the company’s go-forward strategy as outlined at the firm’s investor day last month.

“After careful consideration, we determined that we could better leverage our resources and generate greater returns by focusing on other areas of the business. This transaction generates a significant return on investment, and allows us to make progress on de-levering the balance sheet, which is a top priority,” Haugh said. The ceo added, “Portfolio management will continue to be a key focus for the company.”

Sharper Image is the second brand that Iconix has sold this year. The company earlier this year sold its Badgley Mischka brand.

At the company’s investor day presentation, Haugh made a point of noting that the company — now an active brand manager — is still in the mergers and acquisitions game, both as buyer and seller. The company has just over 30 brands under its umbrella, which include: UmbroLee Cooper, Danskin, Candie’s, Nick Graham, Joe Boxer, Missimo, London Fog, Ocean Pacific, Strawberry Shortcake, Rockawear and Mossimo, to name a few. He also spoke about how the brands are divided into three categories, with high-growth brands such as “Umbro” called “drivers,” older and established brands like “Candie’s” referred to as the “maintain” group, and smaller and younger brands with runway potential like a Nick Graham that the company can “incubate.”