Business
B. Riley Financial Affiliate Retained to Lead Store Rationalization for SALAMANDER
GA Europe Leading Optimization of Over 120 Salamander Retail Stores in Germany, Hungary, and Austria LOS ANGELES, Aug. 2, 2023 /PRNewswire/ -- B. Riley
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[{"type":"text","content":"GA Europe Leading Optimization of Over 120 Salamander Retail Stores in Germany, Hungary, and Austria\nLOS ANGELES, Aug. 2, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (Nasdaq: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today announced its retail liquidation affiliate has been retained to assist in the restructuring and store rationalization of SALAMANDER (\"Salamander\") in connection with the leading European shoe retailer's recent insolvency.\n\n \n \n \n \n \n \n\n \nGA Europe, subsidiary of B. Riley Retail Solutions, is assisting with the optimization of Salamander's store footprint in Germany, Hungary, and Austria. Salamander is a manufacturer and retailer of footwear with inventory spanning a wide selection of shoes, including sandals, sneakers, boots for men, women and children, as well as handbags, backpacks, and other accessories.\nIn Germany, GA Europe is managing the sale of approximately €30 million in inventory across 77 Salamander and Klauser stores to finance the self-administration process and to support the reopening of its stores with fresh concepts and new inventory later this Fall.\n\"We are seeing more opportunities to support both healthy and stressed retailers as an advisor to help navigate a restructuring and as a provider of liquidity, whether to refresh concepts or finance monetization to creditors,\" said Scott Carpenter, CEO of B. Riley Retail Solutions. \"With growing momentum in Europe, and Germany in particular, this engagement is another example of our ability to leverage our balance sheet to create a unique solution to support our clients while also generating attractive returns for our platform.\"\nIn addition to facilitating the reopening of stores in Germany, GA Europe is currently leading clearance sales and the wind down of 36 Salamander and Delka stores in Austria and 13 Salamander stores in Hungary.\nGA Europe previously completed the closing of 10 stores in the Czech Republic (6) and Slovakia (4).\nAbout GA Europe\nGA Europe has been involved in complex retail situations across Europe since 2010. The firm has a compelling track record of solving challenging retail situations, operating in partnership with retailers, private equity sponsors, financial stakeholders, corporate lenders, and their professional advisors. As an affiliate of B. Riley Fin...