BRISBANE, Calif.–(BUSINESS WIRE)–GAEBB Group, BV (“GAEBB”), a joint venture formed by bebe stores, inc.
(OTCQB: BEBE) and Great American Group, LLC has acquired the rights to
purchase the assets of European fashion retailer Charles Vögele GmbH.
GAEBB has purchased substantially all common stock and assets, including
remaining store inventory and merchandise, real estate, intellectual
property and certain other assets. The purchase of Charles Vögele’s
shares in Slovenia and Hungary was completed by GAEBB Group on September
25, 2018, and the purchase of its Austrian shares was completed on
November 6, 2018.
On October 22, 2018, Austrian insolvency administrators approved the
Charles Vögele restructuring plan. As part of the restructuring plan, GA
Europe, a division of Great American Group, is executing a store closure
program which will enable the retailer to focus on its remaining
profitable operations. This deal broadens Great American Group’s
footprint across Europe with expanded presence in Austria, Slovenia and
“Charles Vögele is one of the largest and well-known fashion retailers
in Europe and is highly-regarded among its loyal customers,” said Dr.
Tino Bauer, Managing Director of GA Europe. “We believe we are uniquely
positioned to restore its value and breathe new life into this iconic
brand through our deep retail advisory experience and operations
management expertise. After completing the restructuring plan, we
believe that the business can be continued on a profitable basis.”
“We are excited to partner with GA Europe on this opportunity,” said
Manny Mashouf, CEO of bebe stores. “Charles Vögele has a strong
reputation in the consumer marketplace, and I believe our combined
expertise allows us to take this unique investment opportunity and
realize the value of this brand.”
About bebe stores, inc.
bebe is a global specialty retailer of women’s apparel and accessories
that distributes and sells bebe branded product through its licensees
in approximately 21 countries.
About Great American Group, LLC
GA Europe, a division of Great American Group, LLC, leverages the firm’s
deep retail expertise and proven track record of quickly and efficiently
executing traditional and unconventional solutions for European
retailers in challenging situations. Its services focus on valuing
retail assets, lending and working out complex distressed situations,
often by taking senior investment positions.
Great American Group is a leading provider of advisory and valuation
services, and asset disposition and auction solutions. Great American
Group efficiently leverages its sector expertise and deploys resources
to assist companies, lenders, capital providers, private equity
investors and professional service firms in maximizing the value of
their assets. Great American Group is a wholly-owned subsidiary of B.
Riley Financial, Inc. (NASDAQ: RILY), a diversified financial and
business advisory services company which operates through several
wholly-owned subsidiaries. To learn more about Great American Group,
please visit www.greatamerican.com.
Great American Group
Jo Anne McCusker, 646-885-5425
Kerry Flynn, 415-657-4627