BCBG Max Azria Files for Bankruptcy and Prom Season Will Never Be the Same
The company, known for party dresses worn by celebrities including Selena Gomez and Drew Barrymore, listed assets in the range of $100 million to $500 million and liabilities in the range of $500 million to $1 billion, a filing under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York showed. BCBG Max Group's Canadian affiliate also separately filed for voluntary reorganization proceedings under Canada's Bankruptcy and Insolvency Act, the company said in a statement. The fashion house has received a commitment of up to $45 million in debtor-in-possession (DIP) financing, which will be used for working capital and to ensure normal operations during the Chapter 11 process, the company said in a statement.