Article content

Fashion house BCBG Max Azria Group LLC filed for bankruptcy protection on Wednesday, the latest casualty in the struggling U.S. retail sector, as shoppers abandon malls in favour of internet shopping.

The company, known for party dresses worn by celebrities including Selena Gomez and Drew Barrymore, listed assets in the range of US$100 million to US$500 million and liabilities in the range of US$500 million to US$1 billion, a filing under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York showed.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Fashion house BCBG Max Azria to close Canadian stores as company files for bankruptcy Back to video

BCBG Max Group’s Canadian affiliate also separately filed for voluntary reorganization proceedings under Canada’s Bankruptcy and Insolvency Act, the company said in a statement.

The fashion house has received a commitment of up to US$45 million in debtor-in-possession (DIP) financing, which will be used for working capital and to ensure normal operations during the Chapter 11 process, the company said in a statement.