Diddy Places $3.3 Million Bid To Buy Sean John Out Of Bankruptcy: Report
Sean “Diddy” Combs has reportedly bid $3.3 million to buy the fashion brand Sean John out of bankruptcy. Diddy founded Sean John back in 1998 before later selling the brand to GBG USA Inc. in 2016.
Bloomberg reports that court documents filed on Wednesday reveal Diddy has set the floor for further bids with his sizable offer. The company has been seeking a buyer since May.
Other potential buyers will have until December 15 to top Diddy's $3.3 million offer.
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Earlier this year, Diddy hit the fashion brand as well as GBG with a $25 million lawsuit for allegedly using the rapper's image without his consent to "significantly increase sales and profits."
"[Sean John/GBG’s] decision to leverage a fabricated quote they created and then falsely attributed to Mr. Combs, and to use Mr. Combs’s name and other monikers to create the false and misleading impression that Mr. Combs is the decision-maker behind the designs and creation of the GBG Collection,” Diddy’s lawyer Jonathan D. Davis said at the time.
TMZ reports that sources close to the hip-hop entrepreneur say he is very excited for the deal to go through and plans to completely reinvigorate the brand after he is able to acquire it.