Bebe has only one store in Alabama, at the Summit in Birmingham.
Women's clothing retailer Bebe (NASDAQ:BEBE) is closing all 173 of its brick and mortar stores, according to a recent filing with the Security and Exchange Commission. However, the company has not disclosed what its future plans are.
Consultant will be paid $550,000 in consideration for its services, plus reimbursement for certain expenses, and will receive an additional fee of 15% of the gross proceeds generated from the sale of the furnishings, trade fixtures, equipment and improvements to real property. The company expects to incur losses related to the closures but didn't provide a specific dollar amount.
In March, Bloomberg reported that Bebe is planning to shut its stores and seek a turnaround as an online brand. Bebe Stores Inc. is based in Brisbane, California, and has 180 locations in the United States and Canada. The trend has recently affected Macy's, Gap and other major retailers that have closed stores in the past year.
A number of apparel retailers have gone bankrupt in the last couple of years, including Aeropostale and The Limited, due to lackluster demand as they battle stiff competition from Amazon.com Inc AMZN.O and fast-fashion retailers such as H&M HMb.ST and Zara.
In early April, specialty family footwear retailer Payless Shoesource said it filed for Chapter 11 bankruptcy and will close almost 400 stores in the US and Puerto Rico.