![]() The company also indicated it will be obtaining $150 million in debtor-in-possession financing, known as DIP financing, from its existing lenders. Bankruptcy Code.” An open auction on the assets is expected to occur. Sequential said Tuesday it will pursue the sale of “all or substantially all of its assets under Section 363 of the U.S. The company also managed to get waivers on its credit agreement. ![]() Around that time, William Sweedler, Sequential’s executive chairman, left the company. Sequential had a debt load of $463.2 million, with a market capitalization of just $21.9 million, according to S&P Capital IQ, as reported last May. Media reports cited court papers indicating that Sequential has debts of $435 million and assets of $443 million. ![]() In April, Sequential sold its Heelys brand to BBC International for $11 million, and in April 2019, Sequential sold its Martha Stewart and its Emeril Lagasse home divisions to Marquee Brands for $166 million. Sequential bought the master license for the sprawling lifestyle brand in 2015 and is believed to have maintained it with annual sales of around $1 billion, pre-pandemic. Sources have said Simpson and her mother, Tina Simpson, have been working with William Susman’s Threadstone firm to raise money to buy back the Jessica Simpson business. Ballet is a jewelry brand.Īnother potential bidder is Jessica Simpson herself. Capelli has a wide range of products including accessories, home goods, sporting goods and fitness equipment. GMA, a New York City-based, privately held, 30-year-old firm that also owns the Capelli and Ballet brands, would be a likely contender for Sequential’s remaining brands, or some of them. The sale was made by Brand Matter LLC, a subsidiary of Sequential. Ellen Tracy sold for $17 million and Caribbean Joe was sold for $3 million. 5 that Sequential sold its Ellen Tracy and Caribbean Joe Island Supply Co. Sequential also owns Joe’s Jeans, Gaiam, And1, Avia and William Rast, but Jessica Simpson is the biggest brand in the portfolio. The filing on Tuesday was expected, given that back in December the brand marketing and licensing company indicated it had put itself and its assets on the selling block and was exploring strategic alternatives. Bankruptcy Court for the District of Delaware. Sequential Brands Group Inc., the long struggling owner of the Jessica Simpson brand, among others, has filed for voluntary Chapter 11 bankruptcy in the U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |