B. Riley's GA Europe Partners with CM Sports to Revitalize RENO, a Leading German Shoe Retailer
On October 4, 2022, GA Europe, part of B. Riley Financial (NASDAQ: RILY), announced its collaboration with CM Sports GmbH to revitalize RENO, a prominent German shoe chain.
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Rhea-AI Summary
On October 4, 2022, GA Europe, part of B. Riley Financial (NASDAQ: RILY), announced its collaboration with CM Sports GmbH to revitalize RENO, a prominent German shoe chain. This partnership involves realigning RENO's store footprint and restocking inventory. RENO operates around 290 locations across Germany, Austria, and Switzerland. GA Europe has purchased inventory and other assets to facilitate a sale of existing stock, paving the way for new merchandise. CM Sports will manage RENO's operations and plans to re-open stores with fresh offerings soon.
Positive
- Collaboration with CM Sports may enhance RENO's market position.
- Opportunity to introduce new merchandise may attract customers.
Negative
- No immediate financial metrics provided to gauge the impact of revitalization efforts.
Details
News Market Reaction – RILY
The recorded move for RILY in the trading session of this news was +2.37%.
Data tracked by StockTitan Argus. Session date unavailable.
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LOS ANGELES, Oct. 4, 2022 /PRNewswire/ -- GA Europe, a B. Riley Financial (NASDAQ: RILY) company, today announced it is working with CM Sports GmbH ("CM Sports") to revitalize RENO, a leading German shoe chain. GA Europe will work together with CM Sports to strategically realign RENO's store footprint and restock stores with fresh inventory to position the shoe chain for future success.
In connection with CM Sports' recent acquisition of RENO, GA Europe has purchased store and warehouse inventory, and certain other assets, and will lead the sale of existing inventory to allow for new merchandise to be introduced into RENO stores. RENO has approximately 290 retail locations across Germany, Austria, and Switzerland.
"RENO is one of the largest shoe chains in Germany by store volume and inventory with an established e-commerce channel. With a balanced portfolio of retail and private label brands, RENO offers mass appeal among families, price-oriented customers, and brand loyalists," said Dr. Tino Bauer, Managing Director of GA Europe. "Together with CM Sports, we believe we are uniquely positioned to strategically realign the RENO store fleet while restoring its profitability."
CM Sports will continue to operate RENO and its subsidiaries, including its retail locations and online store channels. CM Sports plans to re-open RENO stores in the coming months with new and fresh merchandise for men, women, and children.
GA Europe has been involved in complex retail situations in 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 Financial, Inc. (Nasdaq: RILY), GA Europe leverages extensive retail experience and asset disposition expertise to support its business partners quickly and effectively. The firm's services focus on valuing retail assets, lending to retailers and working out complex distressed situations, often by taking senior investment positions. For more information, please visit: www.gaeurope.com.
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end, collaborative financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain registered affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
Business Inquiries
Dr. Tino Bauer
GA Europe
tbauer@gaeurope.com
+44 (0) 20 73180583
Media Inquiries
Jo Anne McCusker
B. Riley Financial
press@brileyfin.com
(646) 885-5425
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SOURCE B. Riley Financial
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