A bankruptcy court in New York has approved an agreement between BCBG Max Azria Group, LLC for the sale of substantially all the assets of the company through a Chapter 11 plan to Marquee Brands LLC and Global Brands Group Holding Limited.

According to the site Apparel News, Marquee Brands will pay $106 million for the label’s intellectual property and Global Brands coming up with $23 million for inventory and the right to keep as many as 22 stores running as well as operate the BCBG e-commerce site.

Liquidators Hilco Global and Gordon Brothers are also members of the bidding consortium.

Consummation of the transactions with Marquee and Global Brands is expected to close no later than July 31, 2017.

Marquee and Global Brands intend to continue to operate a substantial majority of BCBG’s core businesses as a going concern. Marquee will acquire the intellectual property associated with the BCBG brand and Global Brands will acquire certain of the assets associated with the operation of the BCBG 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 e-commerce platform of the BCBG brands.
“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 LLC.

BCBG Max Azria Group, LLC is being advised by AlixPartners, LLP and Jefferies LLC as its restructuring advisors, and by Kirkland & Ellis LLP as its legal advisor. Marquee Brands is being advised by Moore & Van Allen PLLC as its legal advisor.

Global Brands Group is being advised by Reed Smith LLP as its legal advisor.