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Sequential Brands set to sell With You interests for $65 million
By Sarah Lizee
Olympia, Wash., Oct. 8 – Sequential Brands Group, Inc. entered into a membership interest purchase agreement on Thursday with Jessica Simpson’s With You, Inc., which will purchase all of Sequential Brands’ 62.5% membership interests in With You LLC for a cash purchase price of $65 million, according to a 6-K filed Friday with the Securities and Exchange Commission.
With You LLC holds the intellectual property assets and licenses used in the Jessica Simpson consumer Brand business.
The transaction is subject to certain conditions, including approval from the U.S. Bankruptcy Court for the District of Delaware.
Sale process
As previously reported, the company received approval from the bankruptcy court of the bid procedures for substantially all of its assets.
Galaxy Universal LLC, a subsidiary of Gainline Galaxy Holdings LLC, and Centric Brands, Inc. are serving as stalking horse bidders for some of the assets, as previously reported. Specifically, Galaxy will serve as stalking horse bidder for the company’s Active division assets and Centric will serve as stalking horse bidder for the Joe’s Jeans brand.
The company’s existing term B lenders may also credit bid for the debtors’ remaining brands via a credit bid of their pre-petition loans.
The company has until Oct. 18 to choose additional stalking horse bidders. The bid deadline is 4 p.m. ET on Oct. 25, an auction is scheduled for Oct. 28, and a sale hearing is set for Nov. 4.
New York-based Sequential Brands owns, manages and licenses consumer brands across multiple industries. The company filed bankruptcy on Aug. 31 under Chapter 11 case number 21-11194.
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