GAEBB Group, a joint venture formed between bebe stores and Great American Group, has completed the acquisition of all common stock and assets of European fashion retailer Charles Vögele.
The deal covers remaining store inventory and merchandise, real estate, intellectual property and certain other assets of Charles Vögele.
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GAEBB Group acquired Charles Vögele’s shares in Slovenia and Hungary on 25 September.
Charles Vögele’s business in Austria, which was acquired by GAEBB Group on 6 November, received approval from its insolvency administrators in the country on 22 October.
In addition, GA Europe, a division of Great American Group, is executing a store closure programme as part of the restructuring plan to focus on its remaining profitable operations.
GA Europe managing director Tino Bauer said: “Charles Vögele is one of the largest and well-known fashion retailers in Europe and is highly-regarded among its loyal customers.
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By GlobalData“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.”
The transaction is expected to expand Great American Group’s presence across Europe including Austria, Slovenia and Hungary.
bebe stores is a speciality retailer of women’s apparel and accessories. The company offers own branded product across 21 countries through its licensees and www.bebe.com.
GA Europe provides various services such as valuing retail assets, lending and working out complex distressed situations.
