New York-based Sequential Brands, which runs labels including yoga brand Gaiam, basketball brand And1, athletic shoe brand Avia and fitness brand SPRI, commenced voluntary Chapter 11 bankruptcy protection proceedings on August 31.

It said that, as a result of the significant debt on its corporate balance sheet, it was no longer able to operate its portfolio of brands and that it would now seek to sell “substantially all of its assets”.

It added that each of its brands was “well-positioned for profitability under the stewardship of new owners”.

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