Bebe is closing all its stores, the latest casualty in retail

Reuters

Reuters

Before that announcement, Bebe had 168 stores in the United States and Canada.

Bebe tells the SEC they've hired consultants to assist them with selling off all of the merchandise in the company's stores, along with furnishings, fixtures and equipment.

Last summer the retailer struck a deal with brand management company Bluestar Alliance to develop its wholesale business overseas, where the retailer retains a higher profile than in the U.S. In his second quarter statement, Mashouf said the retailer's reduction of expenses helped its bottom line. Bebe, a chain of clothing stores for young women, is slated to close all 180 of its stores nationwide - including two in the Queen City - by the end of May, the documents said. In the most recent quarter, revenue was $101.9 million, a drop of 16.8% from $122.4 million reported in the same period the year before.

The retailer expects to take an impairment charge of approximately $20 million, net of deferred rent and other credits, as a result of closing the remainder of its stores. This impairment charge will be recorded in the third and fourth quarters of fiscal year 2017.

The company will also pay advisers B. Riley & Co and Tiger Capital Group LLC $550,000 and 15 percent of the gross proceeds from the sale of store fixtures.

Bebe was founded in 1976.

BeBe shares were down almost 3% early Friday morning.

Bebe is a victim of retail migration to e-commerce. That list includes Payless ShoeSource, which announced earlier this month it will close some 400 stores in an attempt to reorganize.

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