Bebe is closing all its stores, the latest casualty in retail

21 April, 2017, 19:58 | Author: Leticia Walters
  • Bebe is closing all its stores the latest casualty in retail

The retailer expects to take an impairment charge of approximately $20 million, net of deferred rent and other credits, as a result of closing the remainder of its stores.

The company's sales for the first six months of its 2017 fiscal year, a period that ended December 31, totaled $189.2 million, down 13.5% from a year earlier.

The move comes amid speculation that the company plans to transition to an online-only model.

Bebe has a total of 168 retail and outlet stores.

Consultant will be paid $550,000 in consideration for its services, plus reimbursement for certain expenses, and will receive an additional fee of 15% of the gross proceeds generated from the sale of the furnishings, trade fixtures, equipment and improvements to real property.

Bebe noted that it might incur a loss in connection with this sale of its merchandise and inventory, but is unable to now determine the loss.

The Brisbane, California-based store has lost about $200 million over the last four years.

While bebe didn't provide details on its future plans in its filing, the store closures don't necessarily mean the end of the bebe brand. The company, with about 170 boutique and outlet stores, was trying to close the locations without filing for bankruptcy.

A number of apparel retailers have gone bankrupt in the last couple of years, including Aeropostale and The Limited, due to lackluster demand as they battle stiff competition from Amazon.com Inc and fast-fashion retailers such as H&M and Zara.

Recommended:

  • John Terry picks his surprising but unbeatable five-a-side team

    John Terry picks his surprising but unbeatable five-a-side team

    CHELSEA midfielder Cesc Fabregas has revealed his surprise at the news that club captain John Terry will be leaving this summer. Speaking on Soccer AM , Drogba said: "I would have loved [to play for Conte]".
    Oil Tumbles Most in Six Weeks as U.S. Gasoline Supplies Advance

    Oil Tumbles Most in Six Weeks as U.S. Gasoline Supplies Advance

    U.S. gasoline stocks posted a counter-seasonal build of 1.5 million barrels, because of rising refining activity. One factor helping boost stocks has been USA crude production, which has climbed by 482,000 b/d this year.
    Celtics embarrassed by 8-seed Bulls, down 0-2 heading to Chicago

    Celtics embarrassed by 8-seed Bulls, down 0-2 heading to Chicago

    It also helps that Rajon Rondo is playing like vintage Rondo, the point guard who quarterbacked the Celtics' title run in 2008. The Bulls were plus-17 in total rebounds, including a 20-12 edge in offensive boards that lead to 23 second-chance points.
  • Ronaldo in a league of his own - Zidane

    Real Madrid's Cristiano Ronaldo, centre, celebrates after scoring as Bayern players react. "The referee put us out of the Champions League".
    United CEO to 'Good Morning America': 'This Is On Me

    United CEO to 'Good Morning America': 'This Is On Me

    None of the officers, who are represented by Service Employees International Union 73, have been identified by city officials. Another video showed the clearly-disturbed man back on the plane, with blood around his mouth and repeating, "Just kill me".
    Have got extra political will to carry out reforms: PM Modi

    Have got extra political will to carry out reforms: PM Modi

    Addressing civil servants, Modi said they do not need to be afraid of any consequences for taking fast decisions as he will stand behind the officers taking honest decisions in public interest.
  • Trump hails Italy for role in Libya, Iraq, Afghanistan

    Trump favors bilateral trade deals and has used trade as a tool for pressuring countries to do more on national security matters. Trump was quick to dismiss the notion that the USA would get involved in Libya, saying, " I do not see a role in Libya ".
    Mbappe will be at Monaco for another year - Giuly

    Mbappe will be at Monaco for another year - Giuly

    Prince Albert of Monaco, who remains involved behind the scenes at the club, told RMC he hoped Mbappe would stay for another season.
    50 years later: South Bend runner finishes Boston Marathon, honors first woman

    50 years later: South Bend runner finishes Boston Marathon, honors first woman

    She persevered and finished the race, and she's since been on a mission to create opportunities and equal sport status for women. It was the Boston Marathon yesterday, and it marks 50 years since an incredible event for runners and women everywhere.
  • Rangers Even Up First-Round Playoff Series with Canadiens

    Rangers Even Up First-Round Playoff Series with Canadiens

    Post columnist Larry Brooks did a piece on how the Rangers can thank "a star player" for propelling them to victory on Tuesday. Andrew Shaw came closest to scoring for the Habs when his shot in the second-period grazed the outside of the post.
    Gerard Pique confident Barcelona can lift itself up from Juventus loss

    Gerard Pique confident Barcelona can lift itself up from Juventus loss

    Madrid will likely have the return of forward Gareth Bale, who missed the game against Bayern because of a muscle injury. This might be the title decider with Barcelona needing all three points to keep their hopes alive.
    Trump signs order to tighten H-1B visa norms

    Trump signs order to tighten H-1B visa norms

    The changes link with Trump's " Buy American, Hire American" stance, which won him the Presidency back in Janaury amongst a subsequent rise in populism.


Popular

Tennessee student found safe, teacher arrested in California
Investigators release new details and say Cummins and Thomas were communicating through draft emails prior to their disappearance. If the press conference is not live streamed from the TBI's Facebook page, it will be streamed from their affiliates' sites.

Huge "March for Science" will protest Trump's war on facts
Unfortunately, we're living in a time where lies are presented as "alternative facts" and science is pooh-poohed as theory. These dramatic cuts could negatively affect human and environmental health as well as ongoing scientific research.

Sweet Drinks Linked to Dementia
The team from Boston University School of Medicine looked at ten years' worth of data from more than 4,300 people. Research has long shown that artificially sweetened drinks are not health drinks.

Rain, thunderstorms in forecast as the weekend approaches
It will stay cool with high temperatures in the upper 50s and a northeast breeze up to 10 miles per hour . It's still early, but the forecast is for rain showers spreading inland during the day.

IPL 2017, RCB vs RPS: It's Kohli vs Dhoni in warm Bengaluru
Both have positives to take from their last match - the form of Virat and Badree for RCB and the team's batting form for RPS . Rohit Sharma expertly marshalled his bowling attack to limit Royal Challengers Bangalore to just 142 from their 20 overs.