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

Apr 22, 2017, 01:34
Bebe expects to close all it stores by the end of May

JCPenny plans to close 138 of its stores, Sears also announced earlier in the year that it will be closing 150 stores this spring and Macy's has already started the process of closing over 100 stores.

The exact number of stores was not immediately available. The company said in a March 22 press release that it had 134 retail stores and 34 outlet locations and sold products through another 75 locations.

Others chains that have shuttered all their stores or retrenched include BCBG, The Limited and Wet Seal.

Bloomberg reported last month that Bebe was planning to close all of its stores and hoped to do so without having to file for bankruptcy.

Bebe is the latest fashion retailer to succumb to sluggish sales due to fierce competition from online companies.

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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. A spokesperson for the company could not be reached for comment.

The California-based chain, with a location at Mall of America, disclosed in a Securities and Exchange Commission filing Friday that it will close all of its 168 stores by the end of May.

Founded by CEO Manny Mashouf in San Francisco, Calif.in 1976, the store drew its name from Shakespeare's phrase, "To be, or not to be".

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.

The chain specializes in what it calls "unique, sophisticated and timelessly sexy" contemporary clothing, and its velour tracksuits and tops with "bebe" printed in studded rhinestones once helped give it a popular cachet.

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