NexCen Brands has announced that it will be selling all of its franchise businesses, including The Athlete's Foot and Shoebox New York. An investment firm, Levine Leichtman Capital Partners, is buying the business for $112.5 million through a subsidiary, Global Franchise Group. Other NexCen's brands involved include Great American Cookies, MaggieMoo's, Marble Slab Creamery, Pretelmaker and Pretzel Time. The acquisition also encompasses NexCen's franchise management operations and a manufacturing facility, both in Georgia. NexCen's stockholders still have to approve the deal, which should close in the third quarter of this year. NexCen will use a portion of the proceeds from the divestiture to pay off outstanding debt with its principal lender. Subsequently, the company's board will recommend that the firm dissolve and distribute remaining proceeds to shareholders. NexCen had net debt of $136.5 million at the end of the first quarter, but continued to generate cash. Its net revenues declined by 16 percent to $10.0 million in the period but operating profit remained largely stable at $1.7 million (more in Sporting Goods Intelligence Europe).