Investment firm Gordon Brothers Brands has announced the sale of the Rugged Shark boating shoes brand to SG Footwear of Hackensack, New Jersey, for an undisclosed amount.

SG Footwear's short term goals for the brand include expansion into department stores and footwear specialty retailers, according to a statement.

"We have worked hard to preserve and nurture the rich tradition of Rugged Shark," said Stephen Miller, president of Gordon Brothers Brands.

"As an established brand among boating, fishing and water sports enthusiasts, it has the potential to expand into many other categories. We look forward to watching SG Footwear take the brand to the next level."