$15.2-million bid

However, following the $15.2-million bid made by Wet Seal, BCBG countered offered, and requested that a US bankruptcy court deny Wet Seal's bid. In turn, BCBG pledged to pay $15.2 million in cash for G+G as well as $22 million to the company's unsecured creditors over five years. According to court documents, BCBG offered to also provide more than $20 million of fresh inventory, and rehire more than half of the retailer's terminated employees.

Created in 1989, BCBG Max Azria was named for the Parisian phrase "bon chic, bon genre," meaning "good style, good attitude." The BCBG Max Azria Group has 15 brands including BCBG Max Azria, Max Azria Collection, Max Azria Atelier, BCBGirls, BCBG//Attitude, To The Max, Herve Leger Paris, Herve Leger Couture, Parallel, Max and Cleo, Noun, Maxime, Dorothee Bis, Don Algodon and Alain Manoukian, and a retail and wholesale network that includes more than 5,200 points of sale throughout the world.