Sequential receives bankruptcy court approval to sell brands

By Sarah Lizee

Olympia, Wash., Nov. 3 – Sequential Brands Group, Inc. received court approval to sell its Joe’s Jeans brand, its unit interests in With You LLC, and its active division assets, according to orders filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, 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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