 Bloomberg -- Iconix Brand Group Inc. is considering selling itself or combining with another company as the firm broadens its search for a financial lifeline.The brand-licensing company said in a news release Monday that its board authorized management and its advisers to study options including a sale, merger, debt and equity financings, or other alternatives to keep the firm afloat.New York-based Iconix owns, licenses and markets consumer brands across fashion and sports, including Candies and Ed Hardy. Its been shedding certain assets to raise cash, including Starter China Ltd., which it agreed to sell for 16 million in June.The company retained Ducera Partners as a financial adviser, together with law firm Dechert, its existing legal counsel, to assist in the review efforts. The plans are in addition to the companys previously announced agreements to sell the rights to the Umbro and Starter brands in China, it said.Iconix shares soared 58 in after-market trading. The company said the Covid-19 pandemic had a meaningful impact on its performance and it was cutting costs to preserve liquidity, according to its first-quarter financial report. In March, the firm said there was substantial doubt that it could continue to operate and it could be forced to file for bankruptcy or liquidate without a waiver from lenders.The retail industry has been hit hard by the coronavirus outbreak, which forced store closures nationwide and prompted sharp declines in spending on discretionary goods. J.C. Penney Co., Neiman Marcus Group Inc. and J. Crew Group Inc. all filed for bankruptcy in May. RTW Retailwinds Inc., the parent company of New York Co., filed for bankruptcy Monday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 