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Bebe To Close All 180 Stores; Future Plans Uncertain

21 April 2017

The fashion retailer will shutter all of its brick-and-mortar stores by the end of May, according to papers filed with the Securities and Exchange Commission.

At that time, it had 134 retail stores and 34 outlet locations and sold products through an additional 75 locations.

The company hinted at closing stores in an SEC filing last month, which said it was "exploring strategic alternatives" following four years of losses.

The Brisbane, California-based retailer, known for its form-fitting dresses and other apparel, had 180 stores at the end of 2016. The filing didn't specify whether it will continue as an online-only retailer.

Bebe's fortunes seemed to revive somewhat later that year after naming retail veteran and Jackson Hole Group founder Jim Wigget as CEO, but the company struggled to gain traction, and Wigget stepped down early last year. In the same week, Macy's also said it was closing dozens of stores.

Shares of the company hit a 14-month low of $3.02 in morning trading.

Sessions has no regrets for Hawaii remark
Ahh, so this isn't actually related to the 50th state's constitutional power to adjudicate on executive authority. Hawaii Attorney General Douglas Chin speaks at a news conference Thursday, March 9, 2107, in Honolulu.

Bebe did not immediately return messages from CNNMoney asking whether it plans to go out of business or transition to online-only.

The company also expects to recognize an impairment charge of approximately $20 million.

More retailers are expected to file for bankruptcy this year, according to industry experts. For the six months ended January 2, same-store sales decreased 7.4%.

Earlier this month, the retailer said it planned to close 28 stores.

Bebe will pay $550,000 for the two groups' services plus 15 percent of what the company grosses from the store equipment sales.

Bebe To Close All 180 Stores; Future Plans Uncertain