June 7, 2017 / 11:29 AM / 2 months ago

BRIEF-Bebe stores completes reorganization

June 7 (Reuters) - Bebe Stores Inc

* Bebe stores, inc. Announces completion of reorganization

* Bebe stores inc - ‍reached agreement with substantially all of its retail store landlords to terminate existing leases​

* Bebe stores inc- cost to terminate leases is estimated to be approximately $65 million.

* Bebe stores inc - ‍company has signed an agreement to sell its distribution center in benicia, california for approximately $22 million​

* Bebe stores inc - company has transferred both bebe.com url and international wholesale agreements into its joint venture (jv) with blue star alliance

* Bebe stores inc - ‍company is also actively seeking to sell its design center in los angeles, california​

* Bebe stores inc - going forward, company anticipates having no retail operations, and its sole operations will be collection of royalty income from jv

* Bebe stores -entered into $35 million loan agreement with gacp finance co, llc to make payments to retail store landlords pending closing of building sales​

* Bebe stores inc - ‍jv has executed a royalty agreement with a third party for both url and wholesale licenses​ Source text for Eikon: Further company coverage:

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