Bebe to close all stores, becoming latest retail casualty

Bebe to close all stores, becoming latest retail casualty

Bebe Stores plans to close all of its locations.

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

The company said in a Securities and Exchange Commission filing that it signed a deal with liquidator Tiger Capital Group to sell all of its remaining inventory. The retailer expectsto close all of its stores by the end of May.

The exact number of stores was not immediately available. Bebe had 180 locations as of Jan. 2, according to a separate SEC filing. The company said in a news release March 22 that it had 134 retail stores and 34 outlet locations and sold products through an additional75 locations.

The company's demise, which comes without a bankruptcy filing, continues a wave of implosions among national retailers, as malls face declining foot traffic.

Bebe joins clothing store chains The Limited and Wet Seal among the recent chains to go away. Rue21 recently said it would close up to 400 stores.

Retailers grapplewith intense online competition, namely from Amazon, and nimble brick-and-mortar competitors such as H&M and Forever 21.

Bankruptcy filings of other retailers within the past several weeks have included Payless ShoeSource, Gander Mountain and HHGregg.

Details of Bebe's liquidation plans were not immediately available Friday. Executives at the company's California headquarters could not be reached for comment. Representatives for Tiger Capital Group were also not immediately available for comment.

Bebe's strategy was based on designing and selling its own line of women's clothing that it called "unique, sophisticated and timelessly sexy," which the chain said defined "next-generation chic while staying true to its assertive, provocative origins."

Its products includedactive wear, tops,dressesand accessories.

Founded by CEO Manny Mashouf in San Franciscoin 1976, the store drew its name from Shakespeare's phrase"To be, or not to be."

The company previously said it would close 21 locations.

Bebe said in March that it would explore "strategic alternatives for the company," which often includea sale.

The company's sales for the first six months of its 2017 fiscal year, a period that ended Dec. 31, totaled $189.2 million, down 13.5% from a year earlier. The company posted a net loss of $13 million during that period, down from $22.5 million a year earlier.



Add Comment

all comments

  Other news

more
Small business: FBI warns of spreading W-2 email theft scheme

Small business: FBI warns of spreading W-2 email theft scheme..

22-Aug, 01:40

The IRS is warning businesses about a sharp increase in email phishing...

'Historic' flash floods in Kansas City leave people stranded

'Historic' flash floods in Kansas City leave people stranded..

22-Aug, 16:40

Flash flooding caused by three rounds of heavy rain storms drenched...

Want to be funnier?

Want to be funnier?..

22-Aug, 14:40

The winner of the best joke award at this year's Edinburgh Festival...

More than 30 people injured in Pennsylvania train crash (VIDEO)

More than 30 people injured in Pennsylvania train crash (VIDEO)..

22-Aug, 03:40

Some 30 people have been taken to hospital after a train ploughed into an...

Sleepy Drivers Can Doze Unknowingly

Sleepy Drivers Can Doze Unknowingly..

06-Mar, 00:44

First, a confession: I have driven when I was sleepy, really sleepy. ...

Kesha laughs off being hug-snubbed by Jerry Seinfeld

Kesha laughs off being hug-snubbed by Jerry Seinfeld..

07-Jul, 12:13

Kesha is laughing off her hug-snub by Jerry Seinfeld. Kesha, 30, tried...

Bono honors Rep. Scalise at U2 concert

Bono honors Rep. Scalise at U2 concert..

21-Jun, 03:36

Rep. Steve Scalise got a shout-out from U2 frontman Bono during one of...

New Zealanders Refloat 100 Pilot Whales After 400 Stranded

New Zealanders Refloat 100 Pilot Whales After 400 Stranded..

10-Feb, 19:58

Volunteers in New Zealand managed to refloat about 100 surviving pilot...