Bebe to close all of its stores by end of May due to declining sales

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Women’s clothing chain Bebe Stores said Friday that it would close all of its locations after a string of losses.
The company, which had 180 stores at the end of 2016, also plans to liquidate all merchandise and fixtures within the stores, it said in a regulatory filing.
The Brisbane, California-based chain had said earlier this month it would close 21 stores and “explore options” for the remaining locations. In a regulatory filing, it said it expects to recognize an impairment charge of about US $20 million as a result of the closing of all its stores.
The chain had recently said it had more than 130 retail stores and more than 30 outlet stores in the United States, Canada and Puerto Rico. It also offers branded products elsewhere and operates
Bebe was founded by Iranian-born immigrant Manny Mashouf in 1976. It become known for its skimpy women’s clothing.
A host of other retailers, including BCBG Max Azria and Abercrombie & Fitch, have been shuttering stores as they struggle to compete with the rise of e-commerce and the popularity of fast-fashion and discount retailers.

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