Licensor and brand management firm Cherokee has received US$33.9m from Iconix Brand Group as part of a termination and settlement deal related to Iconix's acquisition of Mossimo.

Cherokee agreed back in April to axe its offer to buy the Mossimo brand if rival bidder Iconix bought out a finder's agreement signed when Cherokee took the brand to retailer Target.

Cherokee has also received repayment of $900,000 worth of past royalties from Mossimo.

In addition, the company will net a future payment of all accrued and unpaid finder's fees due from Mossimo for its fiscal third quarter and additional days up to and including the closing date of Iconix's Mossimo acquisition.