Diddy places $ 3.3million bid to buy out bankrupt Sean John brand

Sharing is caring!

With fashion label Sean John on the brink, Diddy has decided to take the bulls by the horns and go to the rescue of his namesake brand. The rapper and businessman who visibly intends to give new life to his brand, has reportedly made an offer of $ 3.3 million to get Sean John out of bankruptcy.

Diddy wants to redeem Sean John

Diddy does not intend to leave stranded his mark Sean John who is visibly going through difficult times. Sean ” Diddy ” Combs have made an offer of 3.3 million dollars to buy the brand Sean John fashion he founded in 1998 before selling the latest GBG USA Inc . in 2016. According to new legal documents obtained by TMZ … the music and fashion mogul’s company recently made an offer of $ 3.3 million to buy the assets of the clothing line in the event of bankruptcy.

The company has reportedly been looking for someone to buy the brand since May… and now Diddy is stepping up and looking to be the winning bidder. Sources close to Diddy tell TMZ… he is very excited to buy out Sean John and, if successful, he plans to re-energize the brand. Meanwhile, other potential buyers will have until December 15 to complete Diddy’s $ 3.3 million offer.

Sean John sued for false communication

Earlier this year, P. Diddy rocked the fashion brand as well as GBG with a $ 25 million lawsuit for allegedly using his image without his consent to ”  dramatically increase sales and profits .” According to the complaint filed by the ex-boss of B ad Boy Records in early February, Sean John and GBG would have fabricated misleading quotes in order to make the press believe that Diddy was involved in the project .

”  The decision of [Sean John / GBG] to exploit a fabricated quote they created and then falsely attributed to Mr. Combs, and to use Mr. Combs’ name and other nicknames to create the false impression and misleading that Mr. Combs is the decision maker behind the designs and creation of the GBG collection , ”the legendary rapper’s lawyer Jonathan D. Davis said at the time.

TMZ reports that sources close to the entrepreneur say he is very excited about the deal and plans to completely revitalize the brand once he is able to acquire it. However, for now he will still have to cross his fingers as other potential buyers have until December 15 to submit bids.

Leave a Comment