Published: Fri, April 21, 2017
Markets | By Terence Owen

Bebe Is Officially Closing All 175 of Its Stores

Bebe Is Officially Closing All 175 of Its Stores

The Company now anticipates that it will close all the Stores by the end of May 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.

That includes seven stores in the Bay Area - mostly in mall-based locations in Concord, Pleasanton, Emeryville, San Francisco, San Jose, San Mateo and an outlet store in Livermore.

The closure of the stores isn't entirely surprising - Bebe had said in a separate filing last month that it was "exploring strategic options".

Bebe had 180 retail stores as of December 31, 2016, according to the filings.

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Also, Director John Joseph Brennan purchased 4,000 shares of the business's stock in a transaction dated Wednesday, February 22nd. Quarterly performance of the company shows declining momentum of -1.00% while its last one month trend is negative with -3.94%.

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The company's financial advisor, Great American Group, LLC, an affiliate of B. Riley & Co., and Tiger Capital Group, LLC will sell all merchandise and inventory in the stores as well as furnishings, trade fixtures, equipment and improvements to property, according to the SEC filing.

Bebe is the latest casualty in what nearly seems a race of brick-and-mortar retailers heading to insolvency, unable to compete with online sales. The retailer did say it expected to incur an impairment charge of $20 million in its third and fourth financial quarters, attributed to deferred rent obligations.

Bebe will pay $550,000 for the two groups' services plus 15 percent of what the company grosses from the store equipment sales. The trend has recently affected Macy's, Gap and other major retailers that have closed stores in the past year.

If that happens, bebe wouldn't be the first.

Luxury retailer Neiman Marcus said earlier this month that it might sell itself, after ditching its plans for an IPO in January amid sorry sales.

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