(Bloomberg) -- Hip-hop entrepreneur Sean “Diddy” Combs has bid $3.3 million to buy the assets of Sean John, the fashion and lifestyle brand he founded in 1998, out of bankruptcy.
GBG USA Inc., a bankrupt brand management firm, owns 90% of the Sean John brand through a joint venture with Combs, according to court papers filed Wednesday. GBG has been been sounding out buyers for Sean John since May.
An entity affiliated with Combs has been named the so-called stalking-horse bidder for Sean John, setting a floor for further bids, court papers show. Other potential buyers can submit offers until December 15.
A representative for Combs declined to comment.
In court papers, GBG USA Chief Financial Officer Mark Caldwell described the Sean John brand as a “crown jewel” of the company's brand portfolio. GBG has been selling off its other brands, including shoe line Aquatalia, since its July bankruptcy filing.
The case is GBG Sean John LLC, 21-12016-mew, U.S. Bankruptcy Court Southern District of New York (Manhattan).
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