PARIS — BCBG Max Azria France has entered into a judicial winding-up period after the decision was handed down on Monday by the commercial court of Romans-sur-Isère, France.
The French branch of the U.S. fashion brand has until Oct. 31 to close down its operations, according to Stéphanie Vénitien, secretary of the company’s works council, who represents employees of the French subsidiary. Altogether, that counts 138 workers and 11 boutiques.
The closure of the operations headquartered in Mercurol, France, also automatically causes the shuttering of the group’s other operations throughout Europe, including in Switzerland, Germany, Morocco and Portugal, representing about 250 employees, Vénitien said.
BCBG Max Azria France was placed in the equivalent of Chapter 11 on March 8. None of the subsequent takeover bids was successful.
In the U.S., parent company BCBG Max Azria Group LLC filed for bankruptcy protection on Feb. 28 following the group’s previously announced plans to restructure with store closings and a renewed focus on digital, as reported.
The company had arranged $45 million in debtor-in-possession financing. BCBG listed assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion in its bankruptcy petition, filed in New York bankruptcy court for the Southern District.
Afterward, Marquee Brands and Global Brands Group jointly made an offer for both the intellectual property and some of the operations of BCBG that would keep intact a portion of the company’s store fleet, while continuing an aggressive push to right the business through licensing and wholesale deals.
The transaction — involving Global Brands Group paying $23 million in cash for inventory contract and stores, and Marquee offering $106 million in cash for its intellectual property — closed on July 31.