The retailer had been tight-lipped on plans for its retail fleet despite store employees confirming the closures to WWD earlier this month and some layoff notifications filed in individual states. The company said in a March 22 press release that it had 134 retail stores and 34 outlet locations and sold products through another 75 locations.
The struggling California-based chain said Friday that it entered into an agreement with Great American Group LLC and Tiger Capital Group LLC to sell all merchandise and inventory owned at its existing retail stores and to sell fixtures and equipment at the stores, according to a filing with the U.S. Securities and Exchange Commission. Bebe had 180 locations as of January 2, according to a separate SEC filing.
Bebe said it expects to record an impairment charge of about $20 million because of the store closings.
Shares of Bebe hit a 14-month low of $3.02 in trading Friday. Payless ShoeSource is among the most recent, announcing earlier this month it will close 400 stores - including four in the Bay Area - as part of its bankruptcy restructuring.
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Bebe did not immediately return messages from CNNMoney asking whether it plans to go out of business or transition to online-only.
More retailers are expected to file for bankruptcy this year, according to industry experts. Net sales at Bebe fell 13.5 percent in the first six months of its current fiscal year, which ended December 31.
Bebe will pay $550,000 for the two groups' services plus 15 percent of what the company grosses from the store equipment sales.