NEW YORK, Oct. 07, 2019 (GLOBE NEWSWIRE) Sequential Brands Group, Inc. ("Sequential" or the "Company") (NASDAQ:SQBG) today announced that its Board of Directors is conducting a broad review of strategic alternatives focused on maximizing shareholder value. Such strategic alternatives may include the divestiture of one or more existing brands, the acquisition of one or more new brands, a stock buyback program, and other initiatives. The Board has engaged Stifel to serve as its exclusive financial advisor to assist in this process.
"After having received unsolicited interest for several of our brands from multiple parties, Sequential’s Board of Directors is engaging in this formal process to ensure that we are evaluating all alternatives to best further the interest of our shareholders,” said William Sweedler, Chairman of Sequential.
The Company has not set a timetable for the conclusion of its review of strategic alternatives and does not expect to comment further or update the market with any additional information on this matter unless and until the Board of Directors has approved a specific transaction or otherwise deems disclosure necessary or appropriate. There is no certainty that the review of strategic alternatives will result in the Company pursuing a particular transaction or completing any such transaction.
The Company also announced today that Karen Murray has stepped down as Director and Chief Executive Officer of the Company. Ms. Murray will continue to serve as Senior Advisor and assist the Company on strategic opportunities. The Board has begun a search to identify the Company’s new CEO. Chad Wagenheim, EVP of Strategic Development and Operations, has been promoted to President and will assist the Company during this transition period.
William Sweedler, Chairman of Sequential, said, “Chad has been and continues to be an integral part of our executive team. With his demonstrated operating expertise, strategic leadership and focus on results, we’re confident in his ability to help lead Sequential through this next phase.”
Mr. Sweedler added, “I’d like to thank Karen Murray for her leadership and the contributions she has made during her tenure with the Company as CEO.”
President Chad Wagenheim said, “I’m looking forward to serving as President and assisting Sequential during this transformative time. We have a strong portfolio of brands, blue chip base of licensees, and solid lender relationships. With our recently restructured lending agreement and no upcoming debt maturities, we are fully focused on executing against our plan to drive growth and right-size our expense structure given the current size of the Company.”
About Sequential Brands Group, Inc.
Sequential Brands Group, Inc. (Nasdaq:SQBG) owns, promotes, markets, and licenses a portfolio of consumer brands in the fashion and active 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.
Textiles | On 20th Oct 2019
After witnessing a decline from 2014 to 2016, global trade of nylon...
Textiles | On 20th Oct 2019
Israeli firm Sonovia Textile's new single-step Sono-coating process...
Apparel/Garments | On 20th Oct 2019
Iranian researchers have developed a technology to make smart...
Vidhyaa Shankar. S
A Ganapathi Chettiar
'The usage of knits is getting into the boundaries of woven fabrics'
Textile & apparel bodies
Textile industry would like to see inclusion of cotton yarn under MEIS and ...
'Support and Outreach' huge relief for MSMEs
India-headquartered Lulu & Sky is a rapidly escalating brand with the...
Incorporated in August 1990, Filatex India Ltd manufactures manmade...
Divyam Export, launched about 30 years ago, exports to 15 countries,...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
INDA, a global association of the nonwoven fabrics industry, has been...
A Humming Way
A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...
Label Sneha Arora
Sneha Arora, an alumnus of National Institute of Fashion Technology,...
Divvya and Nidhhi Gambhir
<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...