And 1, Jessica Simpson brands parent Sequential Brands' stock plunges after 'going concern' warning [MarketWatch]
Sequential Brands Group, Inc. (SQBG)
Last sequential brands group, inc. earnings: 11/8 08:00 am
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ir.sequentialbrandsgroup.com
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Source: MarketWatch
Shares of Sequential Brands Group Inc. plummeted 18% in morning trading Friday, after the consumer brands licensing company, which brands include And 1 and Jessica Simpson, issued a "going concern" warning as the COVID-19 pandemic has led to the closing of many retailers carrying its products. The company said that while it believes it currently had enough cash available to fund operations for 12 months, and although it was in compliance with financial covenants as of March 31, the company is not currently expected to be in compliance with certain amended covenants in the next 12 months as a result of the impact of the COVID-19 pandemic. If it fails to comply with the financial covenants, and event of default would be triggered. Sequential Brands said it was working with its creditors to amend the covenants but it can't provide any assurances that amendments would be approved. "The risk of non-compliance creates a material uncertainty that casts substantial doubt with respect to the a
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