Diddy Hopes To Repurchase Sean John, Bring It Out Of Bankruptcy
Diddy’s clothing brand Sean John filed for bankruptcy this past summer and now the rap mogul is in the process of repurchasing the brand back.
The streetwear and lifestyle brand launched in 1998 and the mogul sold his majority stake in 2016; the brand filed for Chapter 11 bankruptcy this year. A legal filing obtained by TMZ (per HipHopDX ) states that Diddy and his team put up a $3.3 million bid to purchase Sean John’s assets from Global Brands Group. GBG faced major brand loss due to the COVID-19 pandemic and Diddy is hoping to swoop in and buy it back.
Diddy sued Global Brands for $25 million in February according to the outlet for illegally using his likeness, name, image, and persona for their fashion brand Missguided they created with Sean John.
Global Brands has been looking to sell Sean John since May and potential buyers have until December 15 to put in their bids.
