BCBG Max Azria Group LLC announced that the company is being acquired by Marquee Brands LLC and Global Brands Group Holding Limited after the company filed for Chapter 11 bankruptcy.
The acquisition is expected to close no later than July 31, following approval by the United States Bankruptcy Court for the Southern District of New York.
Marquee and Global Brands intend to continue to operate a substantial majority of BCBG’s core businesses. Marquee will acquire the intellectual property and Global Brands will acquire certain of the assets associated with the operation of the business.
Marquee Brands will leverage its global brand management platform to grow 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 ecommerce platform. “This is the best possible outcome for customers, vendors, business partners, and our employees who are the lifeblood of the Company. BCBG will remain a viable, creative and strong brand going forward across multiple platforms,” said Marty Staff, Acting Interim Chief Executive Officer of the company.