- Sara Ehlers |
It seems that Bebe Stores Inc. will no longer operate its design studio in Los Angeles. The women's retailer just confirmed that it sold its studio in the area and has not stated a relocation or new office.
According to Street Insider, Bebe Stores disclosed that the company entered into an Agreement of Purchase and Sale with Monday Properties Investment, LLC. The agreement was to sell the Los Angeles design studio for approximately 35 million dollars. The company retains a right to lease back up to 12,000 square feet for up to four months after closing, as reported by the publication. The impending sale is set to close in mid-August. Bebe also signed a bonus deal with president, chief operating officer and interim-chief financial officer Walter Parks, WWD reported, meaning that the officer will stay with the company till the end of the year for a total of 500,000 dollars.
While the brand has confirmed selling its design office, the company has not disclosed whether or not it would be relocating anywhere else. The company also sold its distribution enter last month for 22 million. Although these facilities of the company are closing, it seems that Bebe is still planning to relaunch its online store. The retailer will also continue to operate its stores outside of the U.S. Additionally, Bebe is planning to move forward as a wholesale business. In the future, it'll be interesting to see if Bebe's business moves are successful for the brand.