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.