GAEBB Group, a joint venture formed by Great American Group, LLC, a wholly-owned subsidiary of B. Riley Financial, and Bebe stores, has acquired the rights to purchase the assets of European fashion retailer Charles Vögele.
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 the Charles Vögele businesses in Slovenia and Hungary was completed by the group on September 25 and the purchase of its Austrian shares was completed on November 6.
On October 22, Austrian insolvency administrators approved the Charles Vögele restructuring plan.
As a part of the restructuring plan, GA Europe 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 an expanded presence in Austria, Slovenia, and Hungary.
“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.
Bebe is global specialty retailer of women’s apparel and accessories that distributes and sells Bebe branded product through its licensees and www.bebe.com in approximately 21 countries.
“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,” said Manny Mashouf, CEO of Bebe stores.
GA Europe, a division of Great American Group, 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.