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May 3, 2021
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Sequential Brands Group, Inc. (Nasdaq:SQBG) announced today that it has closed on the sale of its Heelys brand to BBC International for $11 million in cash proceeds.
“The divestiture of the Heelys brand was an outcome of the Board’s exploration of strategic alternatives, a process that is still underway,” said William Sweedler, Executive Chairman of Sequential. “The Heelys brand was originally acquired in 2013 for a net purchase price of approximately $5.5 million (after accounting for cash on the Heelys balance sheet that we received at the time of the 2013 purchase). BBC International has been the core licensee of Heelys since 2013. We believe the brand is in great hands under BBC’s leadership going forward.”
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NEW YORK, April 26, 2021 /PRNewswire/ Pomerantz LLP is investigating claims on behalf of investors of Sequential Brands Group, Inc. ( Sequential or the Company ) (NASDAQ: SQBG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Sequential and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 9, 2017, Sequential issued a press release entitled Sequential Brands Group Announces Third Quarter 2017 Financial Results (the November 2017 Press Release ). The November 2017 Press Release announced that [i]ncluded in the net loss for the third quarter 2017 were non-cash impairment charges of $36.5 million for indefinite-lived intangible assets related to the trademarks of five of the Company s non-core brands[,] marking the first time the Company noted its need for impairm