The company was able to secure a $150 million debtor-in-possession financing from its existing Term B lenders. With revenues on the decline, the company ultimately decide to put itself up for sale that same year, but hit a roadblock in March 2020 when the formal sale process was benched due to the Covid-19 outbreak. The company subsequently decided in November 2019 to explore the sale of the company’s activewear division. (Sequential or the Company) and certain of its subsidiaries received a. In a declaration in support of Sequential’s Chapter 11 filing, chief financial officer Lorraine DiSanto said the company began exploring the possibility of selling some assets after receiving unsolicited interest from third parties. 31, 2021 (GLOBE NEWSWIRE) - As previously disclosed, on May 25, 2021, Sequential Brands Group, Inc. The Martha Stewart Living Omnimedia and Emeril Lagasse brands were sold in April 2019. Sequential Brands Groups headquarters are located at 601 W 26th St Fl 9, New York City, New York, 10001, United States What is Sequential Brands Groups phone. Sequential said in its statement that it “has filed a number of customary motions seeking court approval to continue supporting its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption and other relief measures customary in these circumstances.Bed Bath & Beyond's Billion-Dollar Default Is Failing Chain's Latest Bad NewsĪmong Sequential’s equity owners holding more than a 10 percent stake in the company are the Martha Steward Family Limited Partnership at 10.9 percent and Tengram Capital partners Gen2 Fund LP, at 11.5 percent. “The proposed transactions will be implemented pursuant to the terms of a restructuring support agreement reached between the company and its Term B lenders,” the company said. Sequential expects this financing, together with cash generated from ongoing operations, to provide ample liquidity to support its operations during the sale process. The company also indicated it will be obtaining $150 million in debtor-in-possession financing, known as DIP financing, from its existing lenders. Bankruptcy Code.” An open auction on the assets is expected to occur. Sequential said Tuesday it will pursue the sale of “all or substantially all of its assets under Section 363 of the U.S. The company also managed to get waivers on its credit agreement. Around that time, William Sweedler, Sequential’s executive chairman, left the company. Sequential had a debt load of $463.2 million, with a market capitalization of just $21.9 million, according to S&P Capital IQ, as reported last May. Media reports cited court papers indicating that Sequential has debts of $435 million and assets of $443 million. In April, Sequential sold its Heelys brand to BBC International for $11 million, and in April 2019, Sequential sold its Martha Stewart and its Emeril Lagasse home divisions to Marquee Brands for $166 million. Sequential bought the master license for the sprawling lifestyle brand in 2015 and is believed to have maintained it with annual sales of around $1 billion, pre-pandemic. Sources have said Simpson and her mother, Tina Simpson, have been working with William Susman’s Threadstone firm to raise money to buy back the Jessica Simpson business. Ballet is a jewelry brand.Īnother potential bidder is Jessica Simpson herself. Capelli has a wide range of products including accessories, home goods, sporting goods and fitness equipment. GMA, a New York City-based, privately held, 30-year-old firm that also owns the Capelli and Ballet brands, would be a likely contender for Sequential’s remaining brands, or some of them. The sale was made by Brand Matter LLC, a subsidiary of Sequential. Ellen Tracy sold for $17 million and Caribbean Joe was sold for $3 million. 5 that Sequential sold its Ellen Tracy and Caribbean Joe Island Supply Co.
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