GAEBB Group, BV, a joint venture between US women’s wear retailer Bebe Stores and liquidators Great American Group, is to acquire 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 25 September and the purchase of its Austrian shares on Tuesday (6 November).
As part of Charles Vögele’s restructuring plan, which was approved last month, GA Europe, a division of Great American Group, is executing a store closure programme that 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.”
Manny Mashouf, CEO of Bebe Stores, added: “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 realise the value of this brand.”
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