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.

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