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BCBG Max & Guggenheim successful bidders of G+G's assets
16 Feb '06
2 min read
Designer of women's ready-to-wear and accessories BCBG Max Azria Group Inc (BCBG) announced that Max Rave, LLC, an entity to be owned by BCBG and Guggenheim Corporate Funding LLC (GCF), has emerged as the successful bidder in the auction for the assets of G+G Retail, Inc.
The winning bid of $35 million cash was approved in the US Bankruptcy Court.
The purchase transaction is expected to be completed on or before February 21, 2006.
GCF provided equity and loan commitments to Max Rave in order to fund the purchase of the company, provide fresh inventory for stores and provide operating working capital for operations.
In addition, BCBG committed to provide equity capital to Max Rave.
Max Rave will be operated as a separate entity from BCBG and it is anticipated that later in 2006, subject to the approval of BCBG's lenders, it will be merged into BCBG.
G+G Retail currently operates more than 500 stores in the United States and Puerto Rico under the names Rave, Rave Girl and G+G.
Created in 1989, BCBG Max Azria was named for the Parisian phrase "bon chic, bon genre", meaning "good style, good attitude".
BCBG Max Azria Group Inc designs, develops, produces and markets complete collections of women's ready-to-wear and accessories, and select categories for men, each known for being at the forefront of creativity, quality and style.
BCBG Max Azria Group operates retail and wholesale network that includes more than 5,200 points of sale throughout the world.
The winning bid of $35 million cash was approved in the US Bankruptcy Court.
The purchase transaction is expected to be completed on or before February 21, 2006.
GCF provided equity and loan commitments to Max Rave in order to fund the purchase of the company, provide fresh inventory for stores and provide operating working capital for operations.
In addition, BCBG committed to provide equity capital to Max Rave.
Max Rave will be operated as a separate entity from BCBG and it is anticipated that later in 2006, subject to the approval of BCBG's lenders, it will be merged into BCBG.
G+G Retail currently operates more than 500 stores in the United States and Puerto Rico under the names Rave, Rave Girl and G+G.
Created in 1989, BCBG Max Azria was named for the Parisian phrase "bon chic, bon genre", meaning "good style, good attitude".
BCBG Max Azria Group Inc designs, develops, produces and markets complete collections of women's ready-to-wear and accessories, and select categories for men, each known for being at the forefront of creativity, quality and style.
BCBG Max Azria Group operates retail and wholesale network that includes more than 5,200 points of sale throughout the world.
BCBG Max Azria Group Inc
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