US apparel brand Sean John files for Chapter 11 bankruptcy proceedings

Diddy’s company SLC Fashion LLC was looking to buy the brand at a price of $3.3 million in a stalking horse bid, the bankruptcy filing mentioned. Bids are due on December 15. GBG’s creditors could also file a motion to block the sale, according to US media reports.

Diddy founded Sean John in 1998, and at its peak in 2016, the brand had $450 million in revenues. Diddy originally let GBG take a 90 per cent stake in Sean John to help grow the brand and reach more millennial consumers, but his relationship with the company soured when the latter used his ‘Vote or Die’ slogan on merchandise without his permission. Diddy then sued the company for trademark infringement.

ALCHEMPro News Desk (DS)