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Business

Retailer Bebe closing all its stores including 3 on LI

Bebe sportswear concept called PH8 (pronounced 'fate'). Bebe,

Bebe sportswear concept called PH8 (pronounced 'fate'). Bebe, based in Brisbane, Calif., said in a regulatory filing Friday, April 21, 2017, it would close all its stores and sell off all the inventory in the stores. Photo Credit: /

Long Island is losing three more clothing stores, as national chain Bebe closes all its stores, including locations at Roosevelt Field mall in Garden City, the Smith Haven Mall in Lake Grove and Westfield South Shore mall in Bay Shore by the end of May.

The Brisbane, California-based company said in a regulatory filing Friday it would close all its stores and sell off all the inventory in the stores. Bebe expects to recognize an impairment charge of about $20 million as a result of the closings.

The company has not said whether it intends to continue operating its website, bebe.com.

Last month, the company said it had hired financial and real estate advisers and was “exploring strategic alternatives.” At the time, Bebe operated 134 stores and 34 outlets in the United States, Puerto Rico and Canada, as well as its website. It also sells branded products.

The company’s stock price fell by 10 cents, or 2.5 percent, to close at $3.90 in Nasdaq Stock Market trading. Over the last 12 months, the stock price has fallen by about 35 percent.

With AP

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