Music mogul Sean “Diddy” Combs is seeking to buy the Sean John lifestyle brand he founded more than two decades ago out of bankruptcy for $3.3 million, WSJ Pro Bankruptcy reported. Combs made the offer to reacquire a 90% stake in Sean John from the North American division of Global Brands Group Holding Ltd., according to papers filed Wednesday in the U.S. Bankruptcy Court in Manhattan. GBG USA Inc. filed for bankruptcy over the summer to withstand financial problems caused by the COVID-19 pandemic. Combs had sold his equity in Sean John but retains a 10% stake in the brand as part of a joint venture with GBG USA, court papers say. GBG USA put the joint venture into bankruptcy Wednesday. Combs’s offer is subject to higher bids, should any materialize in the coming weeks, and must be approved by a bankruptcy judge.
