Iconix was interested in licensing the brand and had wanted to “divest, shut down or find partners” for Playboy units, Bloomberg reported.
Iconix owns and licenses brands such as London Fog, Danskin, Candies, Joe Boxer and Rocawear. The company has been looking for acquisitions to add brands that it can license to retailers and manufacturers.
Other companies also have been in the running for Playboy. Golden Gate Capital, Virgin Media, Apollo Capital Partners and Providence Equity Partners also reportedly heard Playboy's sales pitch.
Playboy shares fell 13 percent to $3.35 Wednesday morning. The stock had gained 78 percent this year before today.
In other company news, Playboy appointed Senior Vice President Robert Campbell to be the company's interim chief financial officer starting Jan. 1.
Campbell will replace Linda Havard, who announced her resignation last month and steps down at the end of the year.
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