Sequential Brands Group Announces Closing of Divestiture of Martha Stewart and Emeril Lagasse Brands
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: GlobeNewswire
NEW YORK, June 11, 2019 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (NASDAQ: SQBG) (“Sequential” or the “Company”) today announced it has closed on the previously announced sale of the Martha Stewart and Emeril Lagasse brands for approximately $175 million with an earnout opportunity of up to an additional $40 million. “We are pleased to close on the sale of the Martha Stewart and Emeril Lagasse brands,” said Karen Murray, CEO of Sequential Brands Group. “The proceeds from this transaction allow us to pay down debt and provide us with the flexibility we need to execute on our growth strategy, which includes building out our active and fashion brands and executing on the many untapped opportunities for our brands in the health, wellness and beauty space.” After the close of the sale, the Company expects additional cost savings, including potential plans to eliminate its current corporate headquarters or other reductions. The full impact of any such reductions would be expe
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