The 10Q Detective does a great analysis of the Iconix Brand Group here.
Iconix business is based on licensing brands, in general a low risk business model. But Iconix mostly licenses direct-to-retail. And that means putting all your eggs into one basket. The tremendous risks are explained here.
The 10Q Detective rightly asks, what are the brands values, when a license is not renewed?
It is unlikely, that another retailer will pick up the license of what in essence has become a retail private label brand. And other retailers are not likely to stock the private label goods from a competitor either. Thus, it will be almost impossible to find a manufacturer to take on the license.
In conclusion, if a direct-to-retail license fails, the brand owner has neither manufacturing, nor distribution. The brand is dead. And as such, has almost no value anymore.