Diddy is looking to save the day and buy Sean John out of bankruptcy.
The business mogul founded the fashion and lifestyle brand in 1998 and sold the majority of the company in 2016 to Global Brands Group USA. According to a legal filing obtained by TMZ on Thursday, Dec. 2, 2021, SLC Fashion LLC, a company associated with Combs, has offered to purchase back the company for $3.3 million.
GBG USA Inc., which owns 90 percent of Sean John, filed for Chapter 11 bankruptcy this summer due to losses during the COVID-19 pandemic and has reportedly been looking for someone to buy the brand since May.
Diddy is currently the highest bidder, but he hasn’t secured his company back just yet. Those interested in buying the brand have until Dec. 15 to put in their offers.
In early 2021, Diddy’s relationship with GBG USA Inc. took a turn for the worst after he filed two separate lawsuits against them. The first lawsuit in January was for $60 million for “breach of contract, unfair competition, common law trademark infringement, deceptive practices, and unjust enrichment.” This filing was concerning the company’s use of the “Vote or Die” slogan. Diddy cited the phrase as his and said that the use of it falsely suggested that he was still in control of Sean John.
Less than a month later, the entrepreneur filed a second lawsuit against the firm for $25 million, citing “false endorsement, misappropriation of likeness and violating his publicity rights.