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bebe stores, inc. Announces the Completion of B. Riley’s Purchase of 3.7 million bebe Shares from bebe Founder Manny Mashouf
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bebe stores, inc. announces closing of $18.5 million purchase of 3.7 million common shares by B. Riley Financial Inc.
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B. Riley Financial Inc. purchases 3.7 million common shares of bebe at $5.00 per share for a total of $18.5 million
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SAN FRANCISCO--(BUSINESS WIRE)--
bebe stores, inc. (OTCQB:BEBE) (“bebe” or the “Company”) today announced the closing by B. Riley Financial Inc. (Nasdaq: RILY) (“B. Riley”) on October 6, 2023, of the purchase of 3.7 million common shares of bebe from founder Manny Mashouf, at $5.00 per share for a total purchase price of $18.5 million, pursuant to a previously announced agreement. The Company was not a party to the agreement. Following the October 6 close, B. Riley and Manny Mashouf beneficially own approximately 76% and 4%, respectively, of bebe’s outstanding common shares.
About bebe stores, inc.
Founded in 1976 by Manny Mashouf, the bebe brand is best known for its contemporary women’s clothing and fashion accessories. bebe is a global specialty licensor of fashion apparel and accessories that distributes bebe-branded products worldwide through licensees in approximately 100 international stores and online. bebe also owns and operates, through subsidiaries, a fleet of 64 rent-to-own Buddy’s Home Furnishings franchise stores located in the Southeastern U.S., offering furniture, appliances and electronics to consumers through rent-to-own agreements, along with other investments in brand royalty ventures.
bebe stores, inc.
Gary Bosch
EVP, General Counsel & Secretary
about bebe bebe is the go-to destination for chic, contemporary fashion. the brand evokes a mindset - an attitude, not an age. it's a true original, always defining fashion's next stride forward. designed for the confident, sexy, modern woman, bebe is a global label that embodies a sensual, sophisticated lifestyle. chairman and founder manny mashouf opened the first bebe boutique in 1976 in san francisco. recognizing a demographic that was neither junior nor bridge, manny created the first contemporary fashion brand. over 35 years later, bebe has established itself as one of the world's top fashion retailers. bebe stores within its stores and on bebe.com, bebe seeks to create an upscale, visually stimulating boutique environment while providing top-notch service to ensure an exceptional shopping experience. stylists are knowledgeable, passionate about fashion and skilled at addressing clients' styling needs. bebe also offers a line of merchandise branded with the distinctive bebe logo
