Jessica Simpson Reportedly Seeks to Buy Brand Back From Bankrupt Sequential Brands
Sequential Brands Group Inc. filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on Tuesday.
Jessica Simpson wants to buy her brand back from Sequential Brands, the company that owns the rights to her eponymous fashion line, for up to $65 million, according to Bloomberg.
Sequential Brands Group Inc. filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on Tuesday, noting in an announcement that due to a “significant debt,” it could no longer operate its portfolio of seven brands. One of those is the Jessica Simpson Collection. The others are Joe’s Jeans, Gaiam, AND1, Avia, Spri and William Rast. Earlier this year, Sequential Brands sold Heelys, a wheeled shoe brand, to BBC International for $11 million in cash proceeds.
The company said in its release on the bankruptcy filing, “The Company will seek approval from the Court of auction and bidding procedures that are designed to maximize the value of the Company's assets through an open process that enables interested buyers to submit a bid or bid(s) on the Company's assets. The Company believes that each of its brands is well-positioned for profitability under the stewardship of new owners.”
A representative for Sequential Brands did not immediately return a request for comment on Simpson’s reported offer.
Simpson, a singer, actress, and author, launched her collection in 2005. The line includes shoes, apparel, accessories, a home line, and fragrance.