The company also plans to liquidate all merchandise and fixtures within the stores, it said in a regulatory filing on Friday. ( bit.ly/2obl8s3 )
Bloomberg reported last month that Bebe was planning to shut stores and seek a turnaround as an online brand to avoid filing for bankruptcy.
A number of apparel retailers have gone bankrupt in the last couple of years, including Aeropostale and The Limited, due to lackluster demand as they battle stiff competition from Amazon.com Inc ( AMZN.O ) and fast-fashion retailers such as H&M ( HMb.ST ) and Zara.
Bebe expects to recognize an impairment charge of about $20 million from the store closures, which will be recorded in the third and fourth quarters.
The company did not say what its future plans were.
The Brisbane, California-based retailer, known for its form-fitting dresses and other apparel, had 180 stores at the end of 2016.
The company will also pay advisors B. Riley & Co and Tiger Capital Group LLC $550,000 and 15 percent of the gross proceeds from the sale of store fixtures.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)
GLOBALES: Apparel retailer Bebe Stores says to shut all stores
Con InformaciÃ³n de Reuters
SÃguenos en Twitter @entornoi