BCBG Max Azria Group announced Friday that the Brentwood-based clothing manufacturer and some of its affiliates have agreed on a Chapter 11 restructuring plan that sells most of their assets to Marquee Brands LLC and Global Brands Group Holding Limited.
The pending arrangement with Marquee and Global Brands is expected to gain quick approval by the Southern District of New York’s U.S. Bankruptcy Court, where the Chapter 11 was filed in February, according to BCBG.
The deal — the terms of which have not been disclosed — is expected to close by July 31, the company reported.
Marquee and Global Brands intend to continue to operate a substantial majority of BCBG’s core businesses as a going concern, according to BCBG Acting Interim CEO Marty Staff.
“This is the best possible outcome for customers, vendors, business partners and our employees who are the lifeblood of the company,” Staff said. “BCBG will remain a viable, creative and strong brand going forward across multiple platforms.”
–City News Service