B. Riley Financial, Inc. reported that it retailed a liquidation affiliate to assist in Salamander’s restructuring and store rationalization in connection with the European shoe retailer’s recent insolvency.
GA Europe, a 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 across a wide selection of shoes, including sandals, sneakers, boots for men, women and kids, handbags, backpacks, and other accessories.
In 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 new stock later this Fall.
“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.”
In addition to facilitating the reopening of stores in Germany, GA Europe is leading clearance sales and the wind-down of 36 Salamander and Delka stores in Austria and 13 Salamander stores in Hungary.
GA Europe previously completed the closing of six stores in the Czech Republic and four stores in Slovakia.
