With Sequential Brands Group, Inc.’s Chapter 11 bankruptcy filing, the future of the brands in its portfolio is changing. But a popular brand already has an interested buyer.
According to a representative of the brand Jessica Simpson Lifestyle, Jessica Simpson and her mother Tina Simpson are “in talks” to buy the remaining 62.5% of the brand. Sequential is currently seeking to sell all or most of its assets and is seeking approval for an auction and auction process that will allow interested buyers to bid on its assets.
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Sources previously told WWD in May that Simpson and his mother were working with William Susman’s Threadstone to raise money to buy out the brand.
In 2015, Sequential acquired a majority stake in the Jessica Simpson brand, with the Camuto Group continuing to produce the shoes in the collection. Jessica and Tina currently own 37.5% of the brand.
“Jessica, Tina and their team of close-knit women are committed to continuing to provide their wide variety of consumers with the quality product and reasonable price that they have come to expect,” the representative told FN in a statement. “The Jessica Simpson Lifestyle brand has been a consistently profitable and growing entity over the past 16 years, now with 33 product categories, a social reach of 15 billion fans, and a booming e-commerce business. The team looks forward to continuing to grow alongside its best licensing and retail partners. “
The Simpson brand was a bright spot among continuing losses at Sequential, which also owns Joe’s Jeans, And1, Avia and other brands.
According to financial documents, Sequential had net debt outstanding of $ 452.3 million as of December 31, 2020. To pay off lenders, the company sold some of its brands this year. Earlier this month, Sequential sold the Ellen Tracy and Caribbean Joe Island Supply Co. brands to the GMA Group for a total of $ 20 million. He also sold his Heeling Sports brand to BBC International for $ 11 million in April.
Footwear News has reached out to Sequential for comment.
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