BCBG Max Azria Group LLC is expected to undergo a round of layoffs.
The multibrand company, headquartered in Vernon, Calif., filed notification to the California Employment Development Department reporting to the state 123 layoffs. The cuts are effective Nov. 1 and are permanent, the state’s report said. A company spokesman confirmed the information but declined to provide a reason for the layoffs.
The staff reductions follow news in the summer that company founder Max Azria had been put on paid leave with Marty Staff taking the interim ceo role. Staff had joined the company as a consultant in March. The company’s spokesman confirmed Staff is now chief executive officer and will be in that role for the foreseeable future.
The company in early 2015 announced a financial restructuring that included a $135 million capital infusion from Guggenheim Partners. It was unclear how large of an ownership position Guggenheim took in the company as a result of that restructure but the company’s announcement at the time said Azria and wife Lubov Azria retained “a significant stake in the company” along with investors.