- Prachi Singh |
GAEBB Group, BV, a joint venture between Bebe Stores, Inc. and Great American Group, LLC has announced the acquisition of European fashion retailer Charles Vögele GmbH. The company said in a statement that GAEBB has purchased substantially all common stock and assets, including remaining store inventory and merchandise, real estate, intellectual property and certain other assets. The company added that purchase of Charles Vögele’s shares in Slovenia and Hungary was completed on September 25, 2018, and the purchase of its Austrian shares was completed on November 6, 2018.
“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 in a statement, adding, “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.”
On October 22, 2018, Austrian insolvency administrators approved the Charles Vögele restructuring plan. As part of the restructuring plan, the company said, 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.
“We are excited to partner with GA Europe on this opportunity. 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,” added Manny Mashouf, CEO of Bebe Stores.