US-based Sequential Manufacturers Group recordsdata for chapter safety



US-based Sequential Manufacturers Group, the mother or father of manufacturers like Joe’s Denims and
the Jessica Simpson style assortment, just lately filed for Chapter 11 chapter
safety in Wilmington, Delaware, after the attire trade was severely hit
by shifting shopper habits and the pandemic. The corporate plans to carry an public sale
as a part of a take care of so-called Time period B lenders.

The corporate listed money owed value $435 million and belongings amounting to $443 million
in courtroom papers, saying it has organized a $150-million mortgage to assist fund its reorganization,
a world newswire reported.


Sequential Manufacturers Group, the mother or father of manufacturers just like the Jessica Simpson style assortment
and Joe’s Denims, just lately filed for Chapter 11 chapter safety in Wilmington,
Delaware, after the attire trade was severely hit by shifting shopper habits
and the pandemic. The corporate plans to carry an public sale as a part of a take care of so-called
Time period B lenders.




That mortgage and the principles for the proposed public sale should be accredited by the decide overseeing
the case.

A number of retailers that carry Sequential’s manufacturers had been closed for a part of final
12 months, affecting revenues. Late final 12 months, the corporate mentioned it was contemplating a
sale as a part of a broad ‘exploration of strategic alternate options’ to maximise
shareholder worth. It unloaded its Heelys sneaker model in April for $11 million.

In December final 12 months, the US Securities and Alternate Fee charged Sequential
with violating anti-fraud, reporting, books and information and inner controls provisions
of federal securities legal guidelines associated to goodwill accounting in 2016 and 2017.

Among the many greatest homeowners of the corporate is Martha Stewart Household Restricted Partnership
with practically 11 per cent, in accordance with courtroom paperwork.


Fibre2Fashion Information Desk (DS)

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