Recently, the American clothing giant Sequential Brands Group Inc. (hereinafter referred to as: Sequential Company), which owns celebrity brand Jessica Simpson and sports brand AND1, filed for bankruptcy protection.
After the news was released, Sequential’s share price plummeted 57.57% on Nasdaq, and its market value fell to less than US$10 million.
Before the epidemic, the company’s largest brand, Jessica Simpson, had sales of US$1 billion.
During the channel transformation in the past decade, several American clothing and fashion department store giants such as J. Crew Group Inc., Neiman Marcus Group LLC and J.C. Penney Co. have washed away the industry. Reorganization in the cards.
According to court documents, Sequential, which owns brands such as Jessica Simpson, Joe’s Jeans, Gaiam, And1, Avia and William Rast, currently owes $435 million. , with total assets of US$443 million.
Galaxy Active and Centric Brands will serve as bidders for Sequential’s Active Division business and Joe’s Joe’s Jeans brand respectively, providing US$333 million and US$42 million respectively for these two businesses.
At the same time, two private equity giants, Apollo Global Management Inc. and KKR & Co., have also expressed their intention to participate in the auction, with a base price of US$375 million.
In addition, internal transactions disclosed by Sequential Company show that STEWART MARTHA, a shareholder holding more than 10% of the company’s shares, sold a net of 180,800 shares on August 31, 2021. </p
