The U.S. arm of apparel maker and brand owner Global Brands Group filed for Chapter 11 with plans to sell off key assets. The company has a $17.3 million stalking horse bid for its Aquatalia brand. GBG USA is also looking to sell “a substantial portion of its remaining assets” in bankruptcy, including Ely & Walker, Airband, MagnaReady, Yarrow, B New York, and Juniper unltd. The bankruptcy comes after the company sold off assets and inventory related to the Frye and Spyder brands. The brands’ owner, Authentic Brands, recently reassigned those licenses to new operating partners amid Global Brands’ financial turmoil. Read more at Retail Dive.