Sean "Diddy" Combs, the entertainer and entrepreneur known best for his work with some of the best 90’s era Hip Hop artists, has submitted a bid in bankruptcy court to buy the Sean John brand he founded more than two decades ago.
Why it matters:
Mr. Combs submitted a bid for $3.3 million on Wednesday to purchase the label through an acquisition company named SLC Fashion LLC, according to court papers.
Details:
In July, the North American arm of Global Brands Group, the Hong Kong-based company that owns 90 percent of the Sean John label, filed for Chapter 11 in New York and sought to sell its assets. Mr. Combs sold a majority stake in the fashion business for a reported $70 million in 2016.
