News Summary: Nike sells Umbro for $225M to Iconix

NEW YORK -- THE SALE: Nike has found a buyer for its Umbro brand, known for its soccer jerseys, in Iconix Brand Group Inc. The clothing licensing company is purchasing Umbro for $225 million.

SHEDDING ASSETS: Nike Inc. said in May that it planned to sell the Umbro and Cole Haan brands to cut costs and focus on its namesake brand, along with Jordan, Converse and Hurley. Nike bought Umbro in 2008 for $582 million.

UMBRO: Founded in 1924 in the United Kingdom, Umbro was one of the first makers of soccer gear. Today, it also makes shoes, jackets and other clothing.