Management companies will keep iconic fashion brand alive through a joint acquisition.

The BCBG Max Azria Group has reached an agreement to sell the vast majority of its assets, including its IP, inventory and retail store leases, to Marquee Brands and Global Brands Group.

The agreement is part of BCBG’s Chapter 11 plan and represents a shift in strategy following Global Brands Group bid to a bankruptcy court in April to license the brand.

Under the terms of the new deal, Marquee will acquire the IP associated with the BCBG brand and will leverage its global brand management platform to grow BCBG and related brands into new product categories, distribution channels and geographies.

Meanwhile, GBG will acquire certain assets associated with the operation of the BCBG business. GBG will then market, promote, sell and distribute products bearing the BCBG brands. It will also operate the brand’s wholesale operations, select retail stores and its e-commerce platform.

“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.”

The transaction is set to be finalized following approval by the United States Bankruptcy Court for the Southern District of New York no later than July 31.