BCBG Max Azria decision deadline pushed back to 27th September
At the liquidation hearing held on 6th September, the commercial court in Romans-sur-Isère, France, decided to push back by three weeks the grace period for BCBG Max Azria's French subsidiary - which filed for receivership last March - after a take-over bid was put forward by some of the fashion retailer's directors.
Five offers were tendered to the court on Wednesday. The new hearing is scheduled for 27th September, and a decision will be communicated then. A total of 138 jobs are at risk, some fifty of them at the headquarters in Mercurol, France.
The employees’ bid provides for the creation of a new brand, while headquarters will be sold to another company, Bert, which will then lease them out, according to an internal source, to the new entity. All of BCBG Max Azria's 25 French stores would remain in operation, except for the brand outlets. The new entity, backed by a pool of investors, would ensure 96 jobs are maintained. The offer was deemed acceptable by the court, which has however asked for guarantees and additional information before making a ruling.
The deadline extension should allow the potential buyers to improve on their bid.
With AFP
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