Jessica Simpson buys back fashion brand

Singer and entrepreneur Jessica Simpson is on the way to being the sole owner of her namesake fashion brand again. After parent company Sequential Brands Group Inc. filed for Chapter 11 bankruptcy protection in August, Jessica and her mother Tina Simpson have worked to regain complete ownership of the brand. The pair still owned a minority stake of 37.5 percent in the brand after Sequential Brands Group Inc. purchased it from Camuto Group in 2015.

Now, Sequential Brands Group Inc. has told a Delaware bankruptcy that it will ask permission to hand the Simpsons their fashion brand back after receiving no competition for the 65 million dollar bid for the brand. Simpson agreed to a “stalking horse” which sets the minimum price in the auction, and by bankruptcy rules she must complete the purchase if a better offer doesn’t come in.

Sequential’s remaining brands will be sold for 330 million dollars’ worth of cash and new debt according to court papers. Sequential says it assets are worth 443 million dollars and they owe creditors 435 million dollars.