LOS ANGELES (CBSLA) — Bye bye Bebe? The women’s apparel chain may be the latest victim on the retail chopping block.
It plans to close all of its stores and focus solely on its online sales, sources from the struggling company told Bloomberg, which reports that the plan is an attempt to avoid filing for bankruptcy.
Bebe, which markets itself as one of the world’s top fashion retailers and the go-to destination for chic, contemporary fashion, has about 170 boutique and outlet stores across the United States. Thirty-five of them are in California.
Chairman and Founder Manny Mashouf opened the first Bebe boutique in 1976 in San Francisco.
Its stock fell 44.48% to $3.57 a share on Tuesday.
Just this year, BCBG, Max Azria, The Limited and Wet Seal have scaled back or shut down all of their brick-and-mortar locations.