![]() ![]() There’s no indication that Stewart was aware the Bloomberg report was coming, and troubles at Sequential weren’t brand new at the time. Martha Stewart sold shares of licensing firm Sequential shortly after leaving the board even as the company careens toward bankruptcy. On Thursday, they closed at $8.30 - off 23 percent from where Stewart unloaded them at an average price of $10.78. ![]() Shares of Sequential - which reportedly has been preparing to file for Chapter 11 as it negotiates a deal to sell the Jessica Simpson clothing brand back to the 40-year-old pop singer - tanked 11 percent on the Bloomberg report. The June 4 and June 7 sales - which had Stewart unloading 3,000 and 3,266 shares at prices of $10.74 and $10.82, respectively - were completed just two days before Bloomberg reported that the struggling licensing firm was preparing for a possible bankruptcy filing. The 79-year-old domestic diva - who famously served five months in prison in 20 for lying to the feds about her sale of ImClone shares - sold more than $67,000 worth of stock in Sequential Brands Group in a pair of transactions last month, securities filings show. Martha Stewart’s stock trading is raising eyebrows - again. Martha Stewart says friends inspire her to stay young - or ‘get killed’ Here’s what Martha Stewart thinks of thirst trap fakery claims: ‘Unfiltered, no facelift’ Martha Stewart gets Snoop tattoo for Super Bowl: ‘That’s gangster’ On filing for bankruptcy, Sequential landed a stalking horse bid from Galaxy Universal for its Active Division assets, as well as from Centric Brands for the Joe's Jeans brand.Īs part of its restructuring agreement with lenders, Sequential is looking to hold an auction and close on a sale of its assets by 75 days after filing.Martha Stewart just launched a new Amazon homeware shop - here’s what to buy But the pandemic's massive disruption, which started in force later that month, derailed those plans, DiSanto said in court papers. The company launched a broader sale process in early March 2020, reaching out to more than 90 parties and signing nondisclosure agreements with around 30 prospective buyers. Sequential has also sold the Heeling Sports brand for $11 million to BBC International. Jessica Simpson, whose eponymous brand is one of the largest in Sequential's portfolio, has also reportedly been looking into buying it back from Sequential.Īccording to company Chief Financial Officer Lorraine DiSanto, Sequential has been exploring possible asset sales for nearly two years. In August, the company announced it had sold the Ellen Tracy and Caribbean Joe brand assets for a combined $20 million, roughly a third of what it paid for the brands in 2013. Trying to stay afloat and pay back lenders, Sequential has been holding a standing fire sale. Revenue last year fell by nearly 12% while operating losses hit $45.1 million. The company's performance made it tough if not impossible to pay down debt, which stood at more than $450 million at the end of 2020. ![]() The exodus included Martha Stewart, whose namesake brand Sequential sold in 2019 to Marquee Brands. After one of its lenders, Wilmington Trust, gained the right to appoint a majority of Sequential Brands' board, four board members resigned. Since last October, Sequential lost a CEO, a senior vice president of finance and an executive chairman. And it has repeatedly issued warnings to investors that it might not survive as a going concern. It has missed reporting deadlines, churned through executives and sold off assets to pay back lenders, who have given the company leeway after it breached loan covenants. Sequential Brands - which owns the Jessica Simpson, Joe's Jeans, And1, Avia and other brands - has been in turmoil for more than a year. ![]()
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