The BCBG at 3210 M St. NW in Georgetown is having a storewide sale prior to its closing, expected in mid-August. Clothes, shoes and accessories are all 40- to 60-percent off.
The store’s closing is part of a company initiative to move in-store retail sales online. Having filed for bankruptcy in February, BCBG’s Los Angeles headquarters released an announcement June 9 stating its intent to undergo a comprehensive restructuring. The sale of substantially all the company’s assets to Marquee Brands and Global Brands Group is contemplated, pending approval by the United States Bankruptcy Court for the Southern District of New York.
This shift to online sales is due to growing debt weighing down the company and a decline in shoppers going to the stores, including the Georgetown location.
Of the 570 stores worldwide, BCBG has begun shutting down 120, primarily in the United States. “These stores either are unprofitable or have untenable lease agreements,” said spokesperson Seth Lubove in a statement.
“This is the best possible outcome for customers, vendors, business partners and our employees, who are the lifeblood of the company,” said Marty Staff, interim acting CEO of BCBG Max Azria Group LLC. “BCBG will remain a viable, creative and strong brand going forward across multiple platforms,” he stated.
Local residents are sad to see the store go after years of contributing to the retail scene in Georgetown. Nonetheless, the brand will remain available digitally in order to meet the needs of customers. “BCBG will continue to work with its partners and other wholesale and licensing arrangements to strengthen our brands to meet customers’ tastes and shopping styles,” said Staff.