Jessica Simpson Fashion Brand Owner Preparing to Sell Assets in Bankruptcy
- Sequential Brands plans to sell singer’s brand back to her
- Company may unload other brands through court process
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The troubled owner of Jessica Simpson’s brand is nearing a deal to sell its majority stake in the fashion line back to the singer and offload other assets as part of a potential Chapter 11 bankruptcy filing, according to people with knowledge of the plans.
Sequential Brands Group Inc. had been seeking to sell off its assets to avoid a cash crunch while it negotiated with creditors, but is now preparing to unload its brands under a process that will likely take place in court, said the people, who asked not to be named discussing private company plans. The company would use proceeds from the sales to pay back creditors including its largest lender KKR & Co., the people added.