BCBG Max Azria Group announced its reached an agreement on its restructuring plan and is set to sell its assets to another company.
BCBG Max Azria Group, the parent company of women’s clothing brand BCBGMAXAZRIA, said it is contemplating the “sale of substantially all the assets of the company through a Chapter 11 plan to Marquee Brand LLC and Global Bramds Group Holding Limited.”
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The transaction must be approved by the U.S. Bankruptcy Court for the Southern District of New York, with an expected closing date of no later than July 31. Marquee said it intends to continue operating BCBG’s core businesses.
“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 BCBG Max Azria Group.
This newspaper previously reported 120 BCBG stores would close in the U.S., and the company also announced it will also close freestanding stores in Canada and consolidate its operations in Europe and Japan.
The only store impacted in Ohio currently is the outlet store in Monroe. All other BCBG stores will remain open as now. The BCBG location at the Tanger Outlets in Jeffersonville closed in June, according to a spokesman for the outlet mall.