Bebe Stores in joint venture to acquire European retailer
Bebe Stores is in buying mode.
The company said it formed a joint venture, GAEBB Group, with Great American Group LLC to to purchase the assets of European fashion retailer Charles Vögele GmbH. The purchase price was not revealed.
The deal comes on the heels of Bebe’s acquisition of bankrupt Brookstone. 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.
“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 realize the value of this brand.”
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