Fashion News {Hot Deals} Women’s Clothing Chain BEBE To Close All Stores By End Of May

Published On April 21, 2017 | By admin | FAME, Local & Worldwide News

Women’s clothing chain Bebe Stores said Friday that it would close all of its locations after a string of losses, becoming the latest casualty in the retail industry as the fallout from online competition and shifting fashion preferences spreads.

The company said in a Securities and Exchange Commission filing that it signed a deal with liquidator Tiger Capital Group to sell all of its remaining inventory. The retailer expects to close all of its stores by the end of May.

The exact number of stores was not immediately available. Bebe had 180 locations as of Jan. 2, according to a separate SEC filing. The company said in a news release March 22 that it had 134 retail stores and 34 outlet locations and sold products through an additional 75 locations.

The company’s demise, which comes without a bankruptcy filing, continues a wave of implosions among national retailers, as malls face declining foot traffic.

Bebe joins clothing store chains The Limited and Wet Seal among the recent chains to go away. Rue21 recently said it would close up to 400 stores.

Retailers grapple with intense online competition, namely from Amazon, and nimble brick-and-mortar competitors such as H&M and Forever 21.

 

The company’s sales for the first six months of its 2017 fiscal year, a period that ended Dec. 31, totaled $189.2 million, down 13.5% from a year earlier. The company posted a net loss of $13 million during that period, down from $22.5 million a year earlier.

 

Credit Source: USA Today

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