Jessica Simpson seeks to buy bankrupt Sequential Brands for $65M: report
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Jessica Simpson is looking to buy a brand that owns the rights to her fashion line out of bankruptcy, according to a report.
According to Bloomberg, Simpson offered up $65 million for Sequential Brands Group Inc., which filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on Tuesday.
|SQBG||SEQUENTIAL BRANDS GROUP||8.75||+0.89||+11.32%|
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Sequential Brands Group Inc. declined to comment on questions regarding Simpson's offer.
Due to the "significant debt on its corporate balance sheet," Sequential Brands Group said it determined that it would no longer be able to operate its portfolio of seven brands, including the Jessica Simpson Collection.
In fact, the company is planning on auctioning off its brands.
However, it believes that "each of its brands is well-positioned for profitability under the stewardship of new owners," Sequential Brands said.
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Simpson's global brand encompasses footwear, apparel, fragrance, fashion accessories, maternity apparel, girls’ clothing, accessories and a home line, according to Sequential Brands' website.
The other brands that fall under Sequential Brands include William Rast, Joe’s Jeans, Gaiam, Avia, AND 1 and SPRI.
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