WOODLAND HILLS, Calif.--(BUSINESS WIRE)--GA Europe, a subsidiary of Great American Group, Inc. (OTCBB: GAMR), today announced the sale of its ownership interest in multi-channel footwear specialist Shoon to footwear veterans Ken Bartle and Peter Phillips.
“We are delighted that Ken Bartle and Peter Phillips will be supporting Shoon in the next phase of its development,” Gavin George, Chief Executive of GA Europe, said. “We’ve enabled management to re-platform the business and complete the heavy restructuring necessary in the two years post administration. Our investment in, and subsequent exit from Shoon, effectively demonstrates our strategy of backing retail businesses where we can successfully apply our capital and specialist restructuring skills while also leveraging our extensive retail networks.”
Bartle and Phillips, both long-standing footwear industry figures, have an established track record of backing successful footwear retailing businesses, including Stead & Simpson and Gordon Scott.
“Peter and I have been admirers of the Shoon concept since its inception and have watched its recent progress with interest,” said Ken Bartle. “We are confident that the business has enormous potential and this deal represents a very good outcome for the Shoon brand, our customers and staff.”
GA Europe supported a buy-out by Shoon’s management team out of administration in May 2012, providing funding for working capital as well as taking a direct stake in the equity. With assistance from GA Europe, the business was restructured, including the rationalization of the portfolio of stores, an exit from non-core clothing, and the development of new channels including concessions. GA Europe further supported the business by financing the acquisition of concessions in Windsor, Newbury, Northwich and Nantwich.
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. It also has a significant online business, which is operated from the head office and distribution facility in Wells, Somerset.
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, Melville, N.Y., New York, Norwalk, Conn., San Francisco, London, Milan and Munich. 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.