Bebe expects to close all it stores by the end of May
- Author: Todd Kelly Apr 22, 2017,
Apr 22, 2017, 0:35
Bebe Stores Inc.is the latest brick-and-mortar retailer to shutter its stores as more shopping shifts online.
The women's fashion retailer Bebe is closing all of its stores nationwide, including two in Charlotte.
The exact number of stores was not immediately available. In the same week, Macy's also said it was closing dozens of stores.
Store associates had in March confirmed to WWD the chainwide store closure plan.
Bebe joins clothing store chains The Limited and Wet Seal among the recent chains to go away.
Bebe is the latest casualty in what nearly seems a race of brick-and-mortar retailers heading to insolvency, unable to compete with online sales.
The Brisbane, Calif., retailer said in the Friday, April 21, filing that it entered into a consulting agreement with Great American Group LLC, an affiliate of Bebe financial adviser B. Riley & Co., and Tiger Capital Group LLC to conduct the liquidation sales. Executives at the company's California headquarters could not be reached for comment.
Its products included active wear, tops, dresses and accessories.
The company, which had 180 stores at the end of 2016, did not say what its future plans were.
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.
Earlier this month, the retailer said it planned to close 28 stores. It recorded a net loss of $13 million over that same period.