On the block party.

Iconix Brand Group, which owns Candie's, Joe Boxer and Rampage, hit a bump in the road to its acquisition of Santa Monica-based Mossimo Inc. The Securities and Exchange Commission said that it would take at least two months to examine the proxy documents. The transaction, which had been scheduled in July, will now likely be delayed at least until September.

The Mossimo buyout has been a tough one from the start for Iconix. After the firm made its offer to purchase Mossimo for about $119 million, Cherokee Inc. stepped in. The Van Nuys-based company cut a licensing deal with Mossimo and Target Inc., and now gets a 15 percent cut on all Mossimo sales at Target stores. Cherokee made an unsolicited counteroffer for about $135 million, forcing Iconix to agree to pay Cherokee a $33 million finder's fee when its deal closes. While it waits for the deal to close, Iconix executives are looking for ways to expand Mossimo beyond Target stores.

BY EMILY BRYSON YORK

Staff Reporter