Another One Bites The Dust: Bebe To Shutter All Stores
Another brick-and-mortar retailer will completely end its store operations.
Bebe, the women's apparel brand based in Brisbane, California, will shutter all of its 175 to 180 stores across the U.S., Canada, South Asia and the Middle East by the end of May, CNBC reports.
The company disclosed in a Securities and Exchange Commission filing Friday morning that it has entered a contract with Great American Group and Tiger Capital Group to liquidate all merchandise, inventory, furnishings, trade fixtures and more for $550K, in addition to 15% of the proceeds from liquidation sales. Bebe expects to incur losses of $20M as a result of the closings.
Earlier this month, the retailer had planned to close 21 locations due to declining sales and stagnant traffic, representing 12% of its portfolio.
The company is currently selling all products for a 30% discount on its website.