BCBG Max Azria Global Holdings LLC received interim court approval to draw down as much as $15 million on a $45 million bankruptcy loan as the company winds its way through Chapter 11.That also came with permission from a judge to move forward with a plan to shutter 120 stores, most of those outlet and BCBG along with a handful under the Hervé Leger brand. The doors, the company said in court documents, have historically not turned a profit and racked up $10.3 million in losses for BCBG’s 2016 fiscal year. That accounted for 63 percent of the company’s overall losses. The store closing sales are expected to be completed by April 30.BCBG filed for Chapter 11 this week in New York bankruptcy court for the southern district after a tough set of years chief restructuring officer Holly Felder Etlin said in a declaration was brought on by a confluence of factors that included increased competition, the shift to online sales and expensive store leases and overseas businesses at a time when the company should have focused on developing its intellectual property assets and wholesale business.Sales fell 20 percent since its fiscal year 2014 to $615 million in the most recent year, according to court documents.The company is now looking at a potential sale of all or some of its assets with an auction expected by May.BCBG’s also looking at its options to strike third-party agreements to maintain the operations and license the intellectual property for its businesses in Japan, where it has 13 stores, and Europe, where it counts 34 stores. If it is unable to strike such deals, it would wind down the operations.The Canadian subsidiary is in the process of shuttering its 51 stores, which is expected to be completed by May 31.Overseas distribution agreements, of which there are 20, will be reviewed with the company only continuing on with those that are profitable.Founder Max Azria stepped down as ceo from the company in August of last year, when he also gave up his majority stake in the business.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)