The two companies previously announced their intention to buy the retailer after BCBG filed for bankruptcy in March. In a cash deal, Marquee paid $108 million for the BCBGMAXAZRIA, BCBGeneration and Herve Leger branding. GBG paid $27.4 million for existing inventory and some assets related to operations, a sum that exceeds the company’s initial offer of $23 million because it decided to take on additional store leases and the stock in those locations.
“BCBG has accomplished its goal to remain a viable, creative and strong brand through the sale transactions with Marquee and Global Brands,” said Marty Staff, acting interim chief executive of BCBG Max Azria Group.
Marquee plans to grow the BCBG brands into new product categories, distribution channels and geographies. It will fall to GBG to market, promote, sell and distribute the product, including operating its wholesale arm, retail stores and online business.
Global Brands Group, which will license the BCBG brands from Marquee, also markets products under the Calvin Klein, Kenneth Cole and Juicy Couture labels, to name a few. The company has also just re-introduced Bebe as an online only retailer.
Launched by Max Azria in 1989 as a go-to for contemporary women, BCBG struggled recently with the majority of its revenue tied to its physical locations, even as store traffic waned, fast fashion took off and the Internet beckoned. Ultimately, the retailer succumbed like many of its mall peers, including The Limited, Wet Seal, Payless, PacSun and Aeropostale.