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Bebe expects to close all it stores by the end of May

22 April, 2017, 01:36 | Author: Eddie Kim
  • Bebe is closing all its stores, the latest casualty in retail

The company said in a Securities and Exchange Commission filing that it had signed a deal with liquidator Tiger Capital Group to sell all of its remaining inventory.

CNBC reports the company plans on closing all its stores by the end of May.

The exact number of stores was not immediately available.

The news comes after the chain said last month that it was exploring strategic alternatives and was aiming to close just 21 of its most unprofitable stores. Others such as BCBG Max Azria, Gordmans and Gander Mountain also have filed for bankruptcy and are closing some stores.

Bebe is the latest in a parade of retailers to have recently closed their doors amid intense online competition and the popularity of fast-fashion and discount retailers like H&M and T.J. Maxx.

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Payless ShoeSource said earlier this month that it will close 400 of its 4,000-plus stores after filing for chapter 11 bankruptcy.

Details of Bebe's liquidation plans were not immediately available Friday. A spokesperson for the company could not be reached for comment. According to USA Today, its 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 included active wear, tops, dresses and accessories. The company says its name is inspired by Shakespeare's words, "To be, or not to be".

Jim Wofford, general manager of the downtown Norfolk mall, said he was aware the store might close when it didn't opt to renew its lease at the end of last month.

Bebe lost $13 million in the six months that ended December 31, the first half of its fiscal year, as its sales fell to $189.2 million, down 13.5% from the same period a year earlier.

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