On December 7, 2016, the Company acquired Hi-Tec Sports International Holdings BV (“Hi-Tec”) and simultaneously sold certain sales and distribution operations of Hi-Tec to third parties. On January 31, 2018, the Company sold its remaining Hi-Tec sales and distribution operations to a different third party, International Brands Group (“IBG”) for $3.1 million. Cash proceeds of $1.3 million were received during the fourth quarter of Fiscal 2018, and $1.8 million of cash proceeds were received by the Company in the first quarter of Fiscal 2019. The operating assets and liabilities of this business were sold to IBG in conjunction with the execution of a separate license agreement that grants IBG certain sales and distribution rights for Hi-Tec products in Latin America, the Middle East, Russia and Asia Pacific. The business sold to IBG is reflected in the accompanying financial statements as discontinued operations. After these transactions and consistent with the Company’s planned conversion of Hi-Tec, the Company continues to own the intellectual property of Hi-Tec. The Company completed the Hi-Tec Acquisition to access markets addressed by Hi-Tec with its Hi-Tec, Magnum, Interceptor and 50 Peaks brands, and provide cross-selling opportunities with the Company’s other brands.

The net loss from discontinued operations in the consolidated statement of operations includes the following:

(In thousands)	February 3, 2018
Product sales and royalty revenues	$	19,492
Cost of goods sold		15,106
Selling, general and administrative expenses		4,384
Depreciation and amortization		167
Gain on disposal of discontinued operations		(37	)
Pretax loss from discontinued operations		(128	)
Income tax (benefit) provision		—
Net loss from discontinued operations	$	(128	)

The carrying amounts of assets and liabilities included in discontinued operations comprise the following:

(In thousands)	February 3, 2018
Accounts receivable and amounts due from sale of business	$	1,868
Current liabilities of discontinued operations		1,103
Net assets of discontinued operations	$	765

Business acquisition and integration costs totaled $0.3 million and $7.5 million for Fiscal 2019 and Fiscal 2018, respectively, consisting of legal, due diligence, integration and other costs and are classified as business acquisition and integration costs in the operating expenses section of the statement of operations.

In the second quarter of Fiscal 2018, the Company sold Flip Flop Shops, its franchise retail chain, and used the sale proceeds to reduce its long-term debt. A gain was recognized on the disposition, which is included in the operating expenses section of the statement of operations.