Shares of Iconix Brand Group Inc. were down as much as 12 percent yesterday after the licensing company that owns such brands as Joe Boxer, Bongo and Cannon said fallout from the Sears bankruptcy hurt its financial results, WSJ Pro Bankruptcy reported. The New York-based business, which licenses many of its brands through major retailers, said Sears’s reorganization reduced revenue for its Joe Boxer and Bongo brands and the Cannon line of home products. Iconix also said that its selling, general and administrative expenses — which include compensation, advertising and professional fees — rose to $121.4 million last year and included an $8.2 million bad-debt charge as a result of Sears’s trip to bankruptcy court, which began in October. Were it not for the Sears’ bad-debt expense, Iconix said, those costs would have fallen.
