Sequential Manufacturers Community Inc. filed for Chapter 11 in the U.S. Financial spoil Court docket for the District of Delaware on Tuesday.
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Jessica Simpson needs to catch her designate encourage from Sequential Manufacturers, the firm that owns the rights to her eponymous model line, for up to $65 million, according to Bloomberg.
Sequential Manufacturers Community Inc. filed for Chapter 11 in the U.S. Financial spoil Court docket for the District of Delaware on Tuesday, noting in an announcement that as a end result of a “significant debt,” it would per chance maybe no longer operate its portfolio of seven producers. A form of is the Jessica Simpson Sequence. The others are Joe’s Denims, Gaiam, AND1, Avia, Spri and William Rast. Earlier this year, Sequential Manufacturers sold Heelys, a wheeled shoe designate, to BBC World for $11 million in cash proceeds.
The firm acknowledged in its release on the financial pain filing, “The Firm will take a look at out approval from the Court docket of auction and bidding procedures which would per chance maybe be designed to maximise the worth of the Firm’s resources by arrangement of an delivery course of that enables traders to submit a assert or assert(s) on the Firm’s resources. The Firm believes that each and every of its producers is successfully-positioned for profitability below the stewardship of latest house owners.”
A e book for Sequential Manufacturers didn’t straight return a quiz for squawk on Simpson’s reported offer.
Simpson, a singer, actress, and author, launched her assortment in 2005. The line entails shoes, apparel, accessories, a home line, and heady scent.