---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-067941"
form_type: "8-K"
ticker: "XELB"
cik: "0001083220"
company_name: "XCel Brands, Inc."
filed_at: "2022-06-03T23:59:59+00:00"
generated_at: "2026-06-25T04:36:23.394621+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Xcel Brands sells 70% of Isaac Mizrahi brand to WHP for $46.2M cash

## Summary
- Xcel sold 70% of IM Topco (Isaac Mizrahi brand) to WHP for $46.2M cash on May 31, 2022.
- Earnout: up to $2M if IM Topco achieves Net Royalty ≥$17.5M and EBITDA ≥$11.8M in 2023.
- Downside adjustment: WHP may receive up to $16M from Xcel if royalties fall below $13.3M over four consecutive quarters within 3 years.
- $30.1M of proceeds used to repay First Eagle credit facility ($28.4M principal + $1.4M prepayment fee + $0.3M interest).
- Management bonuses: CEO Robert D'Loren $770K, CFO Jim Haran $115K, Seth Burroughs $130K, totaling $1.015M.

## SEC filing metadata
- accession: 0001104659-22-067941
- form_type: 8-K
- ticker: XELB
- cik: 0001083220
- company_name: XCel Brands, Inc.
- filed_at: 2022-06-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083220/000110465922067941/0001104659-22-067941-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083220/000110465922067941/tm2217535d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-067941
- JSON: https://secwatch.observer/filing/0001104659-22-067941.json
- Plain text: https://secwatch.observer/filing/0001104659-22-067941.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.