New York-based Sequential Brands Group Inc., the parent company of pop singer Jessica Simpson’s fashion collection, applied for Chapter 11 protection in Federal Court in Delaware on Tuesday.
In 2015, Sequential Brands purchased a 62.5% stake in Collection from Camuto Group for US$117 million, and the latter purchased the master license for US$15 million in 2005. Like many retailers, Sequential’s sales have lagged due to the pandemic.
In May of this year, the “New York Post” reported that due to concerns that Sequential Brands may go bankrupt, Simpson is seeking to raise cash to repurchase the series. On Tuesday, the Washington Post reported that Simpson “failed to raise enough funds to acquire her clothing line.”
GoBankingRates October 2020 report It is estimated that Simpson’s net worth is approximately US$200 million.
The 41-year-old Simpson has recorded seven studio albums. In 2012, she signed a multi-million dollar agreement with Weight Watchers, and signed endorsement agreements with Pizza Hut and ProActiv acne products.
The series includes footwear, clothing, perfume, underwear, handbags, children’s clothing and home decoration styles. The brand is already available at several major brand retailers such as Dillard’s, Macy’s, Nordstrom and Zappos.com.
