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BCBG Max Azria Group just announced that its restructuring plan has been approved. The United States Bankruptcy Court for the Southern District of New York has just confirmed the company’s plan to sell the assets of the company as well as some of its affiliates to Marquee Brands LLC and Global Brands Group Holding Limited.

The deal is expected to close shortly, before or on July 31, according to a statement released by the company. "BCBG has accomplished its goal to remain a viable, creative and strong brand through the sale transactions with Marquee and Global Brands," said Marty Staff, Acting Interim Chief Executive Officer of BCBG Max Azria Group, LLC. "I would like to thank the BCBG team and all parties involved for their hard work. While there is no question that this has been a difficult process, we can all be appreciative of the significant efforts made by so many stakeholders to agree to a path forward for BCBG and its employees."

Currently, BCBG Max Azria Group is being advised by AlixPartners, LLP and Jefferies LLC for its restructuring plan. The company’s legal advisor is Kirkland and Ellis LLP. While the contemporary brand has faced obstacles recently due to its financial issues, the court’s approval for its plan may help to strategically place BCBG’s assets.