Bankruptcy Court, District of Delaware, No. The case is In re Sequential Brands Group Inc., U.S. If additional qualified bids are received, an auction will be held on Oct.
Galaxy Universal LLC has made a lead bid of $333 million for Sequential’s activewear brands, including Avia, SPRI, GAIAM, AND1 and Swisstech. Centric Brands – which went through its own Chapter 11 bankruptcy in 2020 to shed $700 million in debt – recently increased its $38.25 million bid for Joe’s Jeans to $45 million after an unsolicited, competing offer surfaced, according to Brody. Separately, Sequential Brands has lined up lead bids for its other brands. Sequential Brands Group Inc. Simpson’s offer would serve as the lead bid and would be subject to higher bids. Through the anticipated transaction, With You Inc would buy Sequential’s majority interest in the brand. Sequential Brands Groups 3-year average EBITDA growth rate is -13.3, which ranks worse than 73 of the companies in the industry of Manufacturing - Apparel & Accessories. Jaime Cassavechia T: +1 21 x108 E: For Investor Relations inquiries, contact: Sequential Brands Group. How much a company is worth is typically. For media inquiries, contact: Sequential Brands Group, Inc. An entity controlled by Simpson, With You Inc, holds a minority stake in the brand. Interactive chart of historical net worth (market cap) for Sequential Brands (SQBGQ) over the last 10 years. The company owns 62.5% of the Jessica Simpson line, which includes footwear, apparel and home products. Sales continued to drop in 2020 as the economic impact of the COVID-19 pandemic brought many retailers to their knees. The company, which also owns Joe’s Jeans and activewear brand Avia, has seen revenues decline since 2019 as a result of changes in its relationships with retailers to which it licenses its brands. (Nasdaq:SQBG) owns, promotes, markets, and licenses a portfolio of consumer brands in the fashion, active, and lifestyle categories. Sequential Brands filed for bankruptcy protection on Aug. Brody did not disclose the financial components of the deal but said he hopes it will be finalized on Friday. Bankruptcy Judge John Dorsey in Wilmington, Delaware, who signed off on the company's proposed sale procedures and timeline. Joshua Brody of Gibson Dunn & Crutcher made the announcement during a virtual hearing before U.S.
(Reuters) - A lawyer for Sequential Brands said on Friday that the company is nearing a deal that would sell its interest in Jessica Simpson’s fashion line to the former pop star.
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