Zac Posen brand owner to reorganize under Chapter 11 bankruptcy protection

Centric Brands Inc., a lifestyle brands company with licenses for leading names ranging from Calvin Klein to Marvel, plans to reorganize under Chapter 11 bankruptcy protection. The New York-based company said Friday the bankruptcy court has approved its plan of reorganization and that it expects to exit Chapter 11 by the end of October as a private company owned by its lenders Blackstone, Ares Management Corp. and HPS Investment Partners. Centric (OTCBB: CTRCQ) said it aims to remerge from Chapter…