Gaebb Group, a joint venture between bebe stores and Great American Group, has taken over the rights to buy the assets of European fashion retailer Charles Vögele. Gaebb has bought all common stock and assets, including remaining store inventory and merchandise, real estate and intellectual property. This broadens Great American Group’s presence in Europe.
The purchase of Charles Vögele’s shares 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.Gaebb Group, a joint venture between bebe stores and Great American Group, has taken over the rights to buy the assets of European fashion retailer Charles Vögele. Gaebb has bought all common stock and assets, including remaining store inventory and merchandise, real estate and intellectual property. This broadens Great American Group's presence in Europe.#
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 programme 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 are excited to partner with GA Europe on this opportunity,” said 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 realise the value of this brand.” (SV)
Fibre2Fashion News Desk – India
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