Sequential Brands (NASDAQ: SQBG) shares are trading lower after the company announced it commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
"The company determined that, as a result of the significant debt on its corporate balance sheet, it was no longer able to operate its portfolio of brands. Accordingly, in conjunction with the filing, the Company will pursue the sale of all or substantially all of its assets under Section 363 of the U.S. Bankruptcy Code," said Sequential Brands in a press release.
Sequential Brands Group Inc own, manage and license a portfolio of consumer brands in the home, active and fashion categories. Its brands include Martha Stewart, Jessica Simpson, Emeril Lagasse, AND1, Revo, and Ellen Tracy.
At last check, Sequential Brands Group was trading 53.1% lower at $5.67 per share during Tuesday's session.
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