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Fashion House BCBG Max Azria Files for Bankruptcy

BBC Fashion News: BCBG Max Azria is top ranking Fashion Company of United States filed for Bankruptcy protection on Wednesday 01 March, the latest casualty in the struggling United States retail sector, as shoppers abandon malls in favor of internet shopping.Most famous and well reputed company, well 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 US Bankruptcy Court for the Southern District of New York showed.

Fashion House BCBG Max Azria Files for Bankruptcy

BCBG Max Group's Canadian affiliate also separately filed for voluntary reorganization proceedings under Canada'sBankruptcy and Insolvency Act, the company said in a statement. According to company officials statement, The Fashion House has received a commitment of up to estimated $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.