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

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

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. Bebe had 180 locations as of January 2, according to a separate SEC filing. 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.

Retailers are grappling with intense online competition, namely from Amazon, and nimble brick-and-mortar competitors such as H&M and Forever 21.

In recent months, The Limited, Wet Seal, HHGregg and Apparel Apparel have closed, or are in the process of shuttering, all of their stores.

Читайте также: Microsoft is killing off passwords

Payless ShoeSource said earlier this month that it will close 400 of its 4,000-plus stores after filing for chapter 11 bankruptcy. Representatives for Tiger Capital Group were not immediately available for comment.

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. "Many of its fellow retailers, particularly those backed by private equity companies, can't say the same".

Jim Wofford, general manager of the downtown Norfolk mall, said he was aware the store might close when it didn't opt to renew its lease at the end of last month. The company previously disclosed in March that it was exploring strategic alternatives. Sales have fallen in four of the past five years, plunging 17% to $101.9 million in the latest quarter. The company posted a net loss of $13 million during that period, down from $22.5 million a year earlier.

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