Sequential Brands Group, Inc. (“Sequential” or the “Company”) (SQBG), along with Jessica Simpson, announces a new, multi-year licensing agreement with Centric Brands Inc. to develop, manufacture and distribute the entertainer and entrepreneur's handbag and jewelry collections. “We are thrilled to be working with a powerhouse like Centric Brands on our handbags and jewelry collections,” Simpson said.
Centric Brands Inc. (the "Company") (NASDAQ: CTRC), a leading lifestyle brands collective, announced today that it has entered into a Restructuring Support Agreement ("RSA" or the "agreement") with substantially all of the Company’s secured lenders, led by certain funds managed by Blackstone ("Blackstone"), Ares Management Corporation ("Ares"), and HPS Investment Partners ("HPS"), to recapitalize the Company, provide $435 million in debtor-in-possession financing and allow the Company to operate without interruption throughout the restructuring process.
Centric Brands Inc. , which designs and sells clothing under licensed brands including Calvin Klein, Tommy Hilfiger and Nautica, became the latest company to be forced into bankruptcy by COVID-19 on Monday. The company said it has agreed to voluntarily file for Chapter 11 bankruptcy with $435 million in debtor-in-possession financing from funds managed by Blackstone , Ares and HPS Investment Partners. "..The agreement contemplates a timely emergence from the process with a plan to substantially reduce the Company's funded second lien indebtedness by approximately $700 million, thereby positioning the business for future growth and success," the New York-based company said in a statement. Chief Executive Jason Rabin said the coronavirus pandemic has "significantly" impacted companies across all sectors, disrupting its wholesale accounts' ordering and constraining cash flow. The company expects to emerge from bankruptcy as a private company. Blackstone will exchange second lien debt for equity in the new entity. Existing senior lenders Ares and HPS will retain their senior loan positions and also receive equity. Shares fell 29% premarket and are down 57% in the year to date, while the S&P 500 has fallen 11%.
What do High Point, Greensboro and Guilford County need to succeed? Panelists agree it starts with identity.
Centric Brands handles the licensing of apparel products and accessories.
If you're interested in Centric Brands Inc. (NASDAQ:CTRC), then you might want to consider its beta (a measure of...
Light on Los Angeles Hudson Jeans
When is SouthEnd Brewing Co. going to open? SouthEnd, located at 117 W. Lewis St. in downtown Greensboro, will occupy in an expanded and renovated former Gibb's Hundred location next to Fainting Goat Spirits and across the street from Boxcar Bar + Arcade. The newest addition to the Triad brewing industry, SouthEnd will open with 14 taps, 12 dispensing original brews from brewmaster William Brown and two with ciders from outside makers.
Centric Brands Inc. (the "Company") (NASDAQ:CTRC), a leading lifestyle brands collective, announced today that on May 18, 2020, it received notification from The Nasdaq Stock Market LLC ("Nasdaq"), that due to the Company’s voluntary filing under Chapter 11 of the U.S. Bankruptcy Code on May 18, 2020 (the "Filing"), and in accordance with Nasdaq Listing Rule 5101, Nasdaq has determined that the Company’s common stock will be delisted from Nasdaq.
Centric Brands and its employees were welcomed to downtown Greensboro with a party to celebrate the Greensboro office's move to the renovated Old Greensborough Gateway Center.
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