Bebe announces special dividend, board changes

Board of directors of Bebe Stores, Inc. has declared a special cash dividend of 0.25 dollar per share of the company’s common stock, payable on October 24, 2018 to shareholders of record at the close of business on October 10, 2018. The company said, this dividend is based on the trailing two quarters of licensing income from BB Brand Holdings LLC, the joint venture 50 percent owned by the company.

The company also announced certain changes to its board, effective September 30, 2018. Robert Galvin, the company added, has resigned from the board and is replaced by Darrin Klotz; Nick Capuano has been appointed Chairman of the board, and will continue to be joined on the board by Manny Mashouf, Corrado Federico and Kenny Young; and that the board has dissolved the nominating and corporate governance committee and the compensation committee.

“We are truly grateful for Bob Galvin’s outstanding dedication and service to Bebe. He was instrumental in Bebe’s successful transformation,” said Manny Mashouf, Founder and Chief Executive Officer of the company in a statement, adding, “We are excited to welcome Darrin to the team and look forward to his contributions.”

Darrin Klotz co-founded Lido Equities Group, Inc. and has served as President since the incorporation in 1990. The company further said that Klotz specializes in the acquisition, development and management of commercial investment properties. He is the general and managing partner of over 80 real estate partnerships owning over 2,000 apartment units and is a licensed California Real Estate Broker.

Picture:Facebook/Bebe