NEW YORK, June 11, 2019 (GLOBE NEWSWIRE) Sequential Brands Group, Inc. (NASDAQ: SQBG) (“Sequential” or the “Company”) today announced it has closed on the previously announced sale of the Martha Stewart and Emeril Lagasse brands for approximately $175 million with an earnout opportunity of up to an additional $40 million.
“We are pleased to close on the sale of the Martha Stewart and Emeril Lagasse brands,” said Karen Murray, CEO of Sequential Brands Group. “The proceeds from this transaction allow us to pay down debt and provide us with the flexibility we need to execute on our growth strategy, which includes building out our active and fashion brands and executing on the many untapped opportunities for our brands in the health, wellness and beauty space.”
After the close of the sale, the Company expects additional cost savings, including potential plans to eliminate its current corporate headquarters or other reductions. The full impact of any such reductions would be expected starting in 2020.
Upon today’s closing, Sequential has paid down approximately $155 million in debt. The Company expects to file an 8-K with its pro-forma financial statements later this week.
About Sequential Brands Group, Inc.
Sequential Brands Group, Inc. (NASDAQ: SQBG) owns, promotes, markets, and licenses a portfolio of consumer brands in the active and fashion categories. Sequential seeks to ensure that its brands continue to thrive and grow by employing strong brand management, design and marketing teams. Sequential has licensed and intends to license its brands in a variety of consumer categories to retailers, wholesalers and distributors in the United States and around the world.
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