Shareholders’ stakes have been wiped out and the company has suspended trading, but commercial operations are still running.
The board has appointed Numis Securities Ltd. as financial adviser.
New owner Mike Ashley is faced with mounting debt and the industry wonders how he will repair relationships.
The department store owes millions of pounds to its creditors including Giorgio Armani and Mulberry.
The retailer reportedly has at least 50,000 unfulfilled online orders.
Ashley wants to stock Gucci and Prada among other luxury brands.
Iconix said it has held talks with Sports Direct, who is “effectively seeking control of the company without paying a control premium.”
Retail, luxury stocks were uneven.