BCBG Max Azria

"After bankruptcy, the brand is ready for a new chapter without the Azria family."

Marquee has partnered with Global Brands Group, a spin-off of global exporter Li & Fung Ltd, which already has a licensing agreement for some of BCBG's brands, sources said.

In today's News Bites, Chloé confirms reports that Natacha Ramsay-Levi is to succeed Clare Waight Keller, while Lubov Azria has left her role as chief creative officer at BCBG Maz Azria.

The company needs the money so it can continue selling inventory to pay creditors, who are owed $459 million, according to a court filing.

The reorganisation process is expected to be completed within six months and the stores will remain open during this time.