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The Los Angeles company is the latest apparel giant to file for Chapter 11 bankruptcy after American Apparel and Nasty Gal. According to market experts, BCBG failed to keep up with the changing trends in clothing industry with shoppers now preferring to shop online as well as fast-fashion rivals that supply latest fashion clothes at a low price. BCBG is an acronym for the French phrase "bon chic, bon genre," meaning "good style, good attitude." "Like many other apparel and retail companies, BCBG has fallen victim in recent years to adverse macro trends, including a general shift away from brick-and-mortar to online retail channels, a shift in consumer demographics away from branded apparel," Chief Restructuring Officer Holly Felder Etlin said according to Bloomberg. The company plans to auction itself at a court-supervised auction in May or a debt-for-equity swap with its junior lenders who are owed $289.4 million. Some lenders have agreed to loan the company $45 million to help it get through bankruptcy. As part of its restructuring process, the company earlier this year closed 120 U.S. stores. BCBG is also beginning to close free-standing stores in Canada and consolidating operations in Europe and Japan. by RTT Staff Writer For comments and feedback: email@example.com More TODAY'S TOP STORIES
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