By way of an agreement, the BCBG Max Azria Group has decided to sell the vast majority of its assets including its IP, inventory and retail store leases to Marquee Brands and Global Brands Group (GBG).
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.
Under the terms of the agreement, 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 among others.
The agreement, that is part of BCBG’s Chapter 11 plan, represents a shift in strategy following Global Brands Group bid to a bankruptcy court in April to license the brand.
“This is the best possible outcome for customers, vendors, business partners and our employees who are the lifeblood of the company,” said Marty Staff, acting interim chief executive officer, BCBG.
“BCBG will remain a viable, creative and strong brand going forward across multiple platforms,” he added.
Meanwhile, GBG will acquire certain assets associated with the operation of the BCBG business. It 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.