After recently swooping up two European retailers, women’s clothier BCBG has picked up another store chain, New York-based G+G Retail Inc., by besting rival Wet Seal Inc. in a bankruptcy auction.

The U.S. Bankruptcy Court last week approved a $35 million all-cash bid by Max Rave LLC, an entity set up by Vernon-based AZ3 Inc., better known as BCBG, and Guggenheim Corporate Funding LLC. Guggenheim provided equity and loan commitments to Max Rave to fund the acquisition.

Wet Seal, the teen clothing retailer based in Orange County’s Foothill Ranch, had submitted a final offer for G+G of $32.5 million. The company started bidding on G+G last month at $15.2 million, when BCBG matched that amount and threw in a $22 million five-year promissory note, working capital financing and $20 million in wholesale inventory.

With G+G, BCBG gains over 550 mostly mall-based stores that operate under the names Rave, Rave Girl and G & G.; BCBG currently owns and manages about 100 of its namesake stores. The company gained 355 stores last year when it added French retail chain Alain Monoukian and Spanish retail chain Don Algodon to its portfolio.

BCBG’s purchase of G+G is expected to be completed this week. After that, Max Rave will operate separately from BCBG until it is merged with the parent later in the year. BCBG has not disclosed further plans for G+G.

G+G filed for Chapter 11 protection in January following a capital intensive attempt to reposition its stores under a proposed Lola tag. The company had already made Lola-branded apparel and was going to change the store names to Lola just before going bankrupt.

Kevin Starke, an analyst with Weeden & Co. LP, said it’s not unusual for companies in the process of repositioning to run into financial difficulty. “It is expensive and burns cash and doesn’t instantly generate incoming cash flow in terms of higher sales,” he said.

For retailers looking to grow, bankruptcies provide an avenue to quickly acquire valuable store real estate. Investors also like the infusion of revenues new stores can bring: Wet Seal shares went up nearly 15 percent to close at $5.21 on Jan. 26, shortly after the company’s initial bid for G+G was announced.

Even though the company lost the G+G bid, Wet Seal isn’t going to go away quietly. Starke said the retailer is looking for other targets.

“It is almost a given that they will remain active in this market,” he said. “You go into your local mall, and there is no shortage of distress.”