GBG USA gets court approval to sell Sean John assets to Sean Combs

By Sarah Lizee

Olympia, Wash., Dec. 23 – GBG USA Inc. received court approval to sell its Sean John brand to celebrity Sean Combs affiliate SLC Fashion LLC for $7.55 million, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company originally filed bankruptcy to sell its fashion brands and has since engaged in a marketing process to sell substantially all of the assets. The company has already sold several of its brands, including Aquatalia, Ely & Walker and Tahari.

The company had also considered selling the Sean John brand, which is a joint venture with Combs. GBG initially received a $3.3 million stalking horse bid from Combs, but the purchase price more than doubled following an auction on Dec. 20.

United Ventures LLC was named backup bidder with a cash purchase price of $7.5 million.

New York-based GBG USA is primarily engaged in operating the wholesale and direct-to-consumer footwear and apparel business in North America. The company filed bankruptcy on July 29 under Chapter 11 case number 21-11369.

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