Management companies will acquire the iconic fashion brand’s assests by the end of the month.
NORTH AMERICA–The United States Bankruptcy Court for the Southern District of New York has approved BCBG Max Azria Group’s restructuring plan.
The restructuring plan will see the company sell the majority of its assets, including its IP, inventory and retail store leases to Marquee Brands and Global Brands Group. The deal was announced in June.
The transactions with Marquee and Global brands is expected to close on or before July 31.
"This is the best possible outcome for customers, vendors, business partners and our employees who are the lifeblood of the company," says Marty Staff, acting interim chief executive officer, BCBG. "BCBG will remain a viable, creative and strong brand going forward across multiple platforms."