Sequential names winning bidders for active division, With You, Joe’s

By Sarah Lizee

Olympia, Wash., Oct. 28 – Sequential Brands Group, Inc. named three winning bidders for its active division, its Joe’s Jeans brand, and its unit interests in With You LLC in a notice filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Gainline Galaxy Holdings LLC’s winning bid for the active division includes $55 million in cash, issuance to the term B lenders of series A units of Gainline in an amount equal to 11.3% of the total outstanding series A and series B units of Gainline at closing, with those units to be valued at $50 million, issuance of debt of the buyer or its subsidiaries in an amount equal to $227.5 million, and assumption of some liabilities.

Centric Brands LLC’s winning bid for the Joe’s Jeans brand includes $48.5 million and the assumption of some liabilities.

With You Inc.’s winning bid for the unit interests in With You LLC includes $65 million in cash.

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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