After 41 years of successful activity, Bebe Stores Inc., a women’s apparel chain with 312 stores across the U.S., plans to close its stores and become an online brand only, people familiar with the situation told Bloomberg.
Founded by Manny Mashouf, net worth $ 1.3 billion as of 2015, the company is now struggling on the retail chopping block. The reports claim the plan is an attempt to avoid filing for bankruptcy. Unlike many retailers, Bebe has no significant debt.
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Bebe stock fell 44.48% to $3.57 a share on Tuesday.
