Bebe To Close All Stores By End Of May

Bebe is closing all its stores the latest casualty in retail

Bebe is closing all its stores the latest casualty in retail

In its SEC filing the company said it will pay a consultant $500,000 to sell the chain's inventory, and it will pay an impairment charge of about $20 million, net of deferred rent and other credits, by closing the 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. ( BEBE ) will close all its stores by the end of May 2017.

Struggling apparel retailer Bebe said on Friday that it would close all its stores by the end of May, barely a month after announcing it was exploring strategic alternatives following four years of losses.

The company did not say what its future plans were.

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Bebe has a total of 168 retail and outlet stores.

The company has hired a firm to hold a liquidation sale of all current merchandise and fixtures located in the stores. In the 8K filing, the women's clothing and accessories retailer said it would also sell certain furnishings, fixtures and equipment.

Last month Bloomberg reported that Bebe was planning to shut just 21 stores and instead become an online-only seller of women's fashion merchandise. Second-quarter same-store sales fell 10.5%, compared to a 2.5% decline a year ago, as store traffic improvements were inconsistent and inadequate over the holiday period.

In early April, specialty family footwear retailer Payless Shoesource said it filed for Chapter 11 bankruptcy and will close almost 400 stores in the USA and Puerto Rico.

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