Markets

Apparel retailer Bebe Stores says to shut all stores

Apparel retailer Bebe Stores says to shut all stores

In a regulatory filing, company officials said they would liquidate all merchandise and fixtures inside their stores. The apparel chain operates two stores in Charlotte - at Northlake Mall and at Charlotte Premium Outlets. As Bloomberg reported last month, one of the chain's strategic alternatives included the possibility of moving its business online only.

But Bebe isn't the first brick and mortar store to shutter its doors lately.

The store Bebe will soon be no more!

Bebe expects to recognize an impairment charge of about $20 million from the store closures, which will be recorded in the third and fourth quarters. The chain had more than 130 locations in the US and offers branded products elsewhere.

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 has reportedly joined a long list of retailers that are shuttering stores this year.

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

Luxury retailer Neiman Marcus said earlier this month that it might sell itself, after ditching its plans for an IPO in January amid sorry sales.


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