Apparel retailer Bebe Stores says to shut all stores

Apparel retailer Bebe Stores says to shut all stores

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 operates a store at the Stony Point Fashion Park, which opened in 2003.

The women's apparel chain has one location in the Pittsburgh region at Ross Park Mall. Companies including Wet Seal and Payless have filed bankruptcy.

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

CNBC reports the company plans on closing all its stores by the end of May. Representatives for Tiger Capital Group were not immediately available for comment. According to USA Today, its strategy was "based on designing and selling its own line of women's clothing that it called 'unique, sophisticated and timelessly sexy, ' which the chain said defined 'next-generation chic while staying true to its assertive, provocative origins'".

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Its products included active wear, tops, dresses and accessories.

Bebe was founded in 1976.

The company earlier in the year hired B. Riley & Co.as financial adviser in a move that, at the time, also came with the disclosure that Bebe was exploring strategic alternatives.

That followed Bebe's announcement in February that it had suffered a disappointing second quarter, with "sales and traffic trends below the incoming trends of the fiscal first quarter and the month of October", according to CEO and founder Manny Mashouf. Sales have fallen in four of the past five years, plunging 17% to $101.9 million in the latest quarter.

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