Bebe Stores Inc. appears keen on snapping up the opportunities in troubled retail.
The Brisbane, Calif.-based company disclosed on Thursday its acquisition of European retailer Charles Vögele GmbH. The deal was done through a joint venture formed between Bebe and Great American Group LLC and folds in a business that includes stores in Slovenia, Hungary and Austria. The purchase price was not disclosed.
The Swiss-based retailer’s Austrian business filed for insolvency in July, with underperforming stores in Austria being shuttered under its new ownership.
The venture closed on its purchase of the Austrian arm of the business this week, while the group’s acquisition of shares in Slovenia and Hungary closed in late September.
Bebe, less than two weeks ago, went in with private equity firm Bluestar Alliance to buy Brookstone, which filed for bankruptcy in August.
Manny Mashouf, Bebe chief executive officer and founder, called Vögele a “unique investment opportunity,” saying in a statement that the acquisition will help “realize the value of this brand.”
OVS SpA in 2016 infused about $14.3 million into Sempione Retail AG, of which Charles Vögele was a subsidiary. In exchange, OVS took a 35 percent stake in the business. At the time of the deal, Charles Vögele had reported 2015 sales of $815.6 million and more than 750 stores. The fashion retailer had already been in the midst of cost-cutting measures, such as store closures, in an aim to stem losses. Last year, the company was delisted from the SIX Swiss Exchange.