Hong Kong-based Global Brands Group (GBG) is looking to purchase BCBG Brands for $23 million.

In a statement to the Hong Kong Stock Exchange on Friday, GBG said it had agreed to acquire the company, which filed for Chapter 11 bankruptcy in February. The agreement still requires Manhattan bankruptcy court approval.

Under the terms of the agreement, Marquee would own the intellectual property assets, while Global Brands Group would own the operating asset of BCBG. Global Brands Group would also become the licensee for BCBG products.

The sale covers “certain inventory, retail store leases and other assets and contract rights relating to the retail, wholesale and e-commerce operations of the BCBG Brands” and “its workers’ compensation liabilities” the announcement said. While subject to regulatory approval, the transaction is expected to be completed before July 31.

GBG, part of the Fung Group, manages licensing for several dozen brands including Under Armour, Kenneth Cole, Juicy Couture, in addition to owning brands like Frye and Spyder outright.

For the year ended January 28, BCBG’s turnover was $614.7 million, and the year before $670.8 million. Unaudited management accounts recorded losses for those two years of $111.2 million and $112 million respectively. The company’s net assets as of January 28 were valued at a deficit of $456.7 million.

Founded in 1989, the name BCBG is short for the French phrase “bon chic, bon genre”, a Parisian slang meaning “good style, good attitude”.

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