Antigua Enterprises Inc on Wednesday said it had completed its $10.2 million sale to Ashley NA LLC in a deal which will see it obtained from a five-year, royalty-free, non-exclusive licence for the Donnay brand.

The Arizona-based firm said the proceeds from the deal, first announced earlier this year, will be used to pay off its debts while the Donnay licence will apply to apparel, headwear and bags in the US, Canada and Puerto Rico.

Ashley is owned by Sports Soccer Ltd, which owns the Sports Soccer and Lillywhites sporting goods store chains in the UK.

Antigua CEO, Ronald McPherson, stated: "We are looking forward to focusing on increasing shareholder value, which is what eliminating the subordinated debt from Antigua's balance sheet allows management to do.

"We believe we will have many new opportunities to broaden our product lines and sell into more distribution channels and markets."