DJ Bankrupt Sequential Brands Shares Gain 7%
By Josh Beckerman
Shares of Sequential Brands Group Inc. were up 7% to $8.41 Thursday, two days after the consumer licensing company filed for bankruptcy.
The stock closed at $12.09 Monday, ended at $5.13 on Tuesday, then rose to a close of $7.86 on Wednesday.
Sequential reached a restructuring support agreement with creditors. In a securities filing after the Chapter 11 filing, it said it doesn't "anticipate the holders of the company's outstanding common stock will receive any consideration" from transactions contemplated by the agreement.
Martha Stewart sold 180,822 Sequential shares for an average of $5.49 each on Tuesday, representing nearly all of her stake, according to a securities filing. Sequential sold the Martha Stewart brand to Marquee Brands LLC in 2019.
Pop star Jessica Simpson and her family are in talks to buy back a majority interest in her apparel brand from Sequential. The company's portfolio also includes Gaiam and Joe's Jeans.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 02, 2021 14:19 ET (18:19 GMT)
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