The family of singer and actress Jessica Simpson reportedly offered to buy a fashion brand bearing her name from a bankrupt parent company. Sequential brand Group Inc. Is $ 65 million.
Chapter 11 Bankruptcy Sequential Submission on Tuesday, August 31, Judged that the large amount of debt made it impossible to operate the brand portfolio. The total amount is about $ 435 million, according to sources.
Bloomberg reported that Sequential made a tentative deal with the Simpsons the day before seeking court protection. Citing Group lawyer Joshua Brody, the report revealed that Sequential is working on a deal in which the Simpsons act as bidders for stalking horses at brand auctions. The company hopes to complete the negotiations in the coming weeks.
In addition, there are two more Galaxy, the group’s current partners. Active When Centric brand, Also agreed to be the lead bidder for other sequential asset auctions. These transactions, which still require court approval, set a minimum rate for the brand in question.
If the agreement is approved, Galaxy Active will place an initial bid of $ 333 million on Sequential’s active division, and Centric Brands, which already holds a long-term license for Joe’s Jeans, will provide $ 42 million on the label.
First released as a shoe line in collaboration with Nine West In 2005, co-founder Vince Camuto’s Jessica Simpson collection has since expanded to include apparel, accessories, household items and fragrances.
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Jessica Simpson may buy back her brand from sequential
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