learningandfinance.com


Business

Bebe to Close All Stores in San Diego County

Share
Bebe to Close All Stores in San Diego County

The company, which had 180 stores at the end of 2016, also plans to liquidate all merchandise and fixtures within the stores, it said in a regulatory filing. It has set a deal to sell all its inventory. Q2 net sales were $101.9 million, a decrease of 16.8% from $122.4 million in the same period past year. For the six months ended January 2, same-store sales decreased 7.4%.

Women's clothing retailer Bebe Stores said Friday that it would close all of its locations after a string of losses, becoming the latest casualty in the retail sector as the fallout from online competition and shifting fashion preferences spreads.

Bebe will pay the consultants $550,000 and an additional fee of 15 percent of the gross proceeds generated from the sale of the furnishings, trade fixtures, equipment and improvements to real property. The company expects to incur losses related to the closures but didn't provide a specific dollar amount. The Agreement also contains customary representations, warranties, covenants and indemnities by the Company and Consultant. It closed one store in the second quarter and made plans to close as many 25 bebe and outlet stores in fiscal 2017; Those plans have now expanded to include all stores.

Former COAS Gen Raheel Sharif leaves for Saudi Arabia — Islamic Military Alliance
Soon after the go-ahead was given to General Sharif, a specially chartered airplane sent by Saudi Arab flew from old airport of Lahore today carrying him to Saudi Arab.

Wounded vet running Boston Marathon carries race partner across finish line
During Monday's race, Hasay wore her late mother's engagement ring, whom she spoke about during the post-race press conference. Inspired onlookers rushed to congratulate Granville, giving him hugs and cheering him on as he rushed to complete the race.

Ligue 1: Monaco chief - Mbappe has hefty release clause
The 18-year-old has been the talk of the town of late, after some dazzling performances this season in Ligue 1 and the Champions League for Leonardo Jardim's men.

Bebe was founded in 1976. The price has dropped to $3. The company, with about 170 boutique and outlet stores, was trying to close the locations without filing for bankruptcy.

Bebe is a victim of retail migration to e-commerce.

Share