Business
B. Riley Financial Announces Addition of Veteran Real Estate Turnaround Professional, Michael Jerbich
Jerbich to Lead New Business Focused on Advising on and Executing Strategies to Maximize Distressed Real Estate Values LOS ANGELES, Feb. 4, 2020 /PRNewswire/
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Jerbich to Lead New Business Focused on Advising on and Executing Strategies to Maximize Distressed Real Estate Values\n\n\nLOS ANGELES, Feb. 4, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) (\"B. Riley\" or the \"Company\"), a diversified provider of business advisory and financial services which operates through several wholly-owned subsidiaries, today announced Michael Jerbich has joined as President of B. Riley Real Estate, LLC. A veteran real estate turnaround professional, Jerbich will lead a new business vertical which specializes in providing end-to-end solutions to maximize distressed real estate values.\n\n \n \n\n \n\"We had the opportunity to work with Mike on the disposition of Bon-Ton Stores' real estate assets last year and were extremely impressed by his results. Mike is well known for creative deal making and has an impressive track record of helping companies successfully restructure their real estate portfolios as part of their turnaround plans,\" said Bryant Riley, Chairman and Co-Chief Executive Officer, B. Riley Financial. \"This new practice aligns closely with our ongoing activity in the retail sector and we believe Mike's expertise will serve as a valuable attribute for our clients and partners as real estate investment and optimization becomes more critical to success in today's environment. We are excited to welcome Mike to our team and look forward to growing this business as we continue to enhance the B. Riley platform.\"\nB. Riley's Great American Group subsidiary participated in over 3,600 store closings in 2019 and continues to work closely with leading retailers to preserve value by optimizing their physical store presence. This new business also complements the expansive suite of existing real estate capabilities offered by B. Riley's investment banking, corporate valuation and consulting affiliates which include restructuring, corporate finance, appraisal and asset disposition services. The Company intends to participate in real estate investment opportunities which leverage its extensive relationships and strategic partnerships across the retail and investment industries.\nServices offered by B. Riley's new real estate group span lease restructuring, including rent reductions, terminations, and renewals; asset sales, sale-leasebacks and auctions; capital solutions to support acqu...