NEW YORK — BCBG Max Azria was the successful bidder for the assets of G&G Retail at a Manhattan bankrutpcy court auction held late Tuesday night, according to sources.
Details of the winning bid were not immediately available, and the bid still requires bankruptcy court approval, expected today in a late afternoon court hearing.
Sources said there were four bidders: BCBG, Wet Seal, Gordon Brothers and a private equity firm.
On Wednesday, Wet Seal issued a statement stating that it was not the successful bidder for the G&G assets. G&G filed for Chapter 11 bankruptcy court protection last month.
The company was in the process of converting its G&G and Rave nameplates to Lola, a new concept it was planning to roll out in the spring, but ran out of money before it had a chance to do so.
For more information, see tomorrow’s WWD