Jessica Simpson wins back her name after nobody else bid on it

Jessica Simpson’s company is set to buy back the singer-turned-fashion entrepreneur’s name from bankrupt Sequential Brands Group Inc. after no other qualified bids emerged. A court-supervised auction for the branding rights was canceled, according to court documents, leaving Simpson’s firm, With You Inc., as the sole bidder at $65 million. Simpson previously agreed to be the so-called stalking horse that sets the minimum price in the auction, and under bankruptcy rules, she’s required to complete the purchase if no better offer comes in. The auction, which had been delayed by a day, was canceled on Thursday. Sequential’s other major brands will be sold for more than $330 million worth of cash and new debt, the company said in court papers. Subscribe to Ad Age now for award-winning news and insight. Gainline Galaxy Holdings agreed to buy Sequential’s Active Division and Centric Brands will acquire Joe’s Jeans. The company is scheduled to ask a judge in Wilmington, Delaware to approve all of the sales on Nov. 4. Sequential went bankrupt in August, blaming falling revenue from licensing deals and the pandemic. The company said its assets were worth about $443 million and it owed creditors about $435 million. The case is Sequential Brands Group, Inc. 21-11194, U.S. Bankruptcy Court, District of Delaware (Wilmington) Subscribe to Ad Age now for award-winning news and insight. —Bloomberg News

Jessica Simpson wins back her name after nobody else bid on it

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