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.
Weekend Wx: Rain from weekdays clears
A chance of showers and thunderstorms is expected early tonight , and showers and a possible thunderstorm are likely after 11 p.m. Northern California will see dry conditions and warmer weather through the weekend, according to the National Weather Service .
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.