A wrinkle in the fabric

Dumping water on rival Wet Seal Inc. and its $15.2 million bid for G+G Retail Inc., announced last week, BCBG Max Azria Group Inc. submitted a counter offer for control of the bankrupt retailer Monday, according to a published report from Reuters.

Los Angeles-based BCBG asked a New York bankruptcy judge to deny Wet Seal’s offer, matching it with a bid of $15.2 million for the company, plus perks. BCBG said it would also pay New York-based G+G’s unsecured creditors $22 million over five years, promised more than $20 million in fresh inventory for the company and bring back more than half of G+G’s terminated staff, Reuters said.

For now, the Wet Seal deal is still on track. — Carolyn Murphy

Go to Reuters story about BCBG
Wet Seal to buy G+G assets  
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