Sequential Brands Group (NASDAQ: SQBG) shares are rallying on Wednesday after the company said it is exploring a potential sale.
The company said that it has launched a broad exploration of strategic alternatives available to best position it for success and maximize value, with another option being the sale of one or more of its existing brands.
Sequential owns brands including And 1, Joe’s Jeans, Avia, William Rast, and Ellen Tracy.
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“The Company has successfully rationalized its cost structure and strengthened its relationships with key stakeholders during the past several months. We believe now is the right time to re-focus on the process of exploring strategic alternatives to fully maximize value for our shareholders,” said Sequentials Executive Chairman, William Sweedler.
Shares of Sequential are currently trading at $11.55, after a 22.61% move higher from Tuesday’s close of $9.42.
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