GAEBB Group BV Acquires Assets of Charles Vögele
GAEBB Group, BV (“GAEBB”), a joint venture formed by Great American Group, LLC, a wholly-owned subsidiary of B. Riley Financial, Inc., and bebe stores, inc. 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 the Charles Vögele businesses 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 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. “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’re excited to partner with GA Europe on this opportunity,” says 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.”