Bankrupt BCBG Max Azria Group LLC said today that it has reached an agreement on a comprehensive restructuring that includes the possible sale of all its assets to Marquee Brands LLC and Global Brands Group Holding Ltd.
The transaction is expected to close immediately following approval by the United States Bankruptcy Court for the Southern District of New York, with an expected closing date no later than July 31.
Marquee and Global Brands said that they intend to continue to operate a substantial majority of BCBG’s core businesses. Marquee will acquire the intellectual property associated with the BCBG brand, and Global Brands will acquire some of the assets associated with the operation of the BCBG business.
Marquee Brands plans to leverage its brand management platform to expand BCBG and related brands into new product categories, distribution channels and geographies.
Global Brands will market, promote, sell and distribute products bearing the BCBG brands, as well as operate the wholesale operations, select retail stores and e-commerce platform of the BCBG brands.
“This is the best possible outcome for customers, vendors, business partners and our employees, who are the lifeblood of the company,” Marty Staff, acting interim BCBG CEO, said in a statement today. “BCBG will remain a viable, creative and strong brand going forward across multiple platforms.”
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After much speculation, teen prom staple BCBG Max Azria Group LLC filed for Chapter 11 protection on February 28.
The company, founded by designer Max Azria in 1989, said its reorganization plan included a possible sale, merger or similar transaction.
The bankruptcy filing followed the company’s announcement in February that it would close 120 retail stores.
Brand management firm Global Brands owns and manages certain aspects of production for several fashion labels such as Frye, Juicy Couture, Spyder and Katy Perry Footwear. Marquee Brands’ management portfolio includes Bruno Magli, Body Glove and Ben Sherman.
(Source: Foot Wear News)