Among other retail woes, BCBG is allegedly behind on its rent, too. Back in 2013, the company was potentially sold for $1 billion, but two years later, BCBG received a cash infusion of $135 million from its investment firm, Guggenheim Partners, Reuters reported. We've reached out to BCBG, and the company isn't commenting on the matter currently.
This story was originally published on January 19th, 2017.
The mall really isn't what it used to be. BCBG Max Azria, preeminent purveyor of all things bodycon, will be closing stores across the world, according to Bloomberg.
As part of a restructuring effort, BCBG Max Azria will apparently be shifting its attention away from brick-and-mortar locations and towards other channels of sale, such as e-commerce, licensing, and wholesale. Citing a "too large physical retail footprint" and a shift in shopping habits, "in order to remain viable, the company — like so many others in the industry — must realign its business to effectively compete in today's shopping environment," a BCBG spokesperson told Refinery29 in a statement.
Translation: "a reduced focus on free-standing brick-and-mortar stores" in the near future. The rep couldn't confirm the exact number of locations slated to close.
BCBG Max Azria has had a rough couple of years: A reported debt load of $685 million back in 2013 turned into a round of layoffs last October, according to the L.A. Times. The brand's struggle is not unique, of course. Earlier this month, we said goodbye to The Limited's mall presence, as the retailer prepared to file for Chapter 11 bankruptcy. In light of talk about BCBG's store closures, sources close to the situation informed Bloomberg that declaring bankruptcy isn't in the cards just yet — however, the company has apparently recruited outside help to restructure its debt.
Well, that's one less familiar facade we can expect at our local (or, well, any) mall. At least we still have Aeropostale.