WOODLAND HILLS, Calif.--(BUSINESS WIRE)--GA Europe, a subsidiary of Great American Group, Inc. (OTCBB: GAMR), will further invest in the UK-based Shoon footwear chain in which it acquired an interest last year.
With funding provided by GA Europe, Shoon plans to take over 39 Jane Shilton outlets which operate in a range of department stores including Beales and Browns. Shoon will also acquire the associated Jane Shilton footwear stock upon completion, as well as the Jane Shilton footwear license. The arrangement is subject to the agreement of the individual host stores and will take effect beginning August 1st, once current notice periods have expired.
“We are very pleased to be making this investment in Jane Shilton’s footwear brand,” stated Stephen Sanders, Managing Director of Shoon. “It has a clear market position supported by Jane Shilton’s heritage in handbags and developed through its partnerships with independent department stores. With a similar customer profile to Shoon, we believe we have an excellent opportunity to develop both businesses. Also, with GA Europe’s support, we have been able to revive Shoon and this deal represents an exciting stage in our development.”
Shoon operates a chain of footwear stores, selling mainly women’s branded shoes in the market between high street multiple chains and upmarket boutiques and designer labels, appealing to customers who are fashion aware with a clear sense of their own style while looking for comfort and fit at a reasonable price. The Jane Shilton outlets will complement Shoon’s existing market position and provide opportunities for significant operational synergies and cost savings in sourcing.
“We are very excited to be making this additional investment in Shoon,” added Gavin George, Chief Executive of GA Europe. “This deal demonstrates our creative approach to backing and developing retail businesses where we can successfully apply our capital while leveraging our specialized restructuring skills and extensive retail networks.”
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, San Francisco and London. For more information, call (818) 884-3737 or visit www.greatamerican.com.
About GA Europe
GA Europe is a wholly owned subsidiary of the publicly listed Great American Group Inc. New to the European market in 2010, it is fast developing a compelling track record in solving challenging retail situations, operating in partnership with retailers, private equity sponsors, financial stakeholders, corporate lenders and their professional advisors. GA Europe's services focus on valuing retail assets, lending to retailers and ‘working out' complex distressed situations, often by taking senior investment positions.
Since 2010, GA Europe has completed approximately 15 transactions. Recent deals include:
- November 2012: Acquired the debt of UK footwear retailer Famous Footwear. Following a review of the options for the business, concessions in 14 Beales department stores were sold on to competitor Barratts.
- July 2012: Acquired the debt in value retailer Ashloch (trading as Ethel Austin), subsequently restructuring the business before a large part of the business was sold to trade player Liric.
- July 2011: Acquired the debt of TJ Hughes, a 56-strong value department store chain. The business was restructured with a significant part of the chain being sold to trade player Benross Group.
Other recent engagements include advisory and operational deals on Jessops, Comet, Game Group, Fenn Wright Manson, Bonmarché, and Jane Norman, and deals in Germany and Italy with Wehmeyer Lifestyle and Blockbuster Italia, respectively.