(Bloomberg) -- Sean “Diddy” Combs agreed to pay $7.5 million to buy back the bankrupt fashion brand he founded in 1998 after winning a court supervised auction.
“Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I'm ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John's legacy,” Combs said in an emailed statement.
Sean ‘Diddy' Combs Seeks to Buy Namesake Brand Out of Bankruptcy
The label is currently owned by the bankrupt brand manager GBG USA Inc. GBG made 85% of its money by selling clothing and footwear through retailers like Costco, TJ Maxx and Nordstrom, according to court documents.
GBG had sold most of its other assets before the Sean John auction. Combs, bidding through an entity called SLC Fashion, agreed to pay $51,000 more than the next highest offer, according to court papers.
Before the sale can close, GBG must get approval from the judge overseeing its bankruptcy in Manhattan.
The case is GBG USA Inc. et al., 21-11369-mew, U.S. Bankruptcy Court for the Southern District of New York (Manhattan).
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