Tuesday was a busy day in court for BCBG Max Azria Global Holdings LLC’s bankruptcy case.The company — which went into its bankruptcy with about $200,000 in cash — now has assurance of post-petition financing with a judge approving an $80 million debtor-in-possession loan, $45 million of which is new money from the company’s lenders. BCBG earlier this month received court approval to tap into as much as $15 million on that $45 million in new financing in an interim order.The deadline for the company’s sale was also approved with the deadline to receive all bids May 19 with an auction, if necessary, to be held by May 24.BCBG is in the midst of shuttering 120 doors, which it received approval to do at the same time the judge overseeing its case allowed the company to begin drawing down on its DIP financing. The stores set to close are a mix of the company’s namesake brand along with outlets and some under the BCBGeneration and Hervé Léger banners. The closures are expected to be completed by the end of April.The company’s Canadian business — totaling 51 stores — will be wound down by May 31.Meanwhile, a lawsuit filed against BCBG by founder Max Azria and his wife and the company’s former creative director Lubov Azria continues. The Azrias filed their complaint last week. At the center of the issue are two contracts signed in 2015 between Lubov and the company. The company believes it should be allowed to toss out the employment agreement with Lubov, while keeping intact the separate contribution agreement related to the designer’s stake in the business and shareholder rights. Counsel for the Azrias argue the two contracts are related.BCBG filed for bankruptcy in early March, challenged by a tough competitive landscape and weighed down by expensive store leases at a time when chief restructuring officer Holly Felder Etlin said in court documents the business should have turned to focus on potential growth in wholesale and intellectual property deals.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.