May 16, 2017 / 9:17 PM / 2 months ago

BRIEF-Bebe Stores' loss per share $6.41 for quarter ended April 1

3 Min Read

May 16 (Reuters) - Bebe Stores Inc

* Bebe Stores says loss per share $6.41 for quarter ended April 1, 2017; qtrly net sales $65.7 million versus $79.9 million

* Bebe Stores says believes termination payments to be in range of about $60 to $65 million related to sale of inventory and store fixtures - SEC filing

* Recorded $9.2 million in expense in quarter ended April 1, 2017 for lease termination payments related to settlements within the fiscal quarter

* Also intends to transfer www.bebe.com domain name, its social media accounts, its international wholesale agreements to joint venture

* Bebe Stores says JV intends to license www.bebe.com domain name, social media accounts, international wholesale agreements to 1 or more third parties

* Bebe Stores says expects to terminate employment of all or substantially all of its employees over coming months as its operations wind-down

* Bebe Stores says expects to pay severance, accrued vacation and stay-on bonuses in the range of approximately $7 to $10 million

* Bebe stores says in order to fund lease termination payments, severance payments, and future operations, co plans to sell its real estate assets

* Assuming co is successful with restructuring efforts, expects to cease to have any retail operations, to instead manage investment in JV

* Bebe Stores says does not expect to incur a loss on the sale of its real estate holdings

* Bebe Stores says expects proceeds from sale of real estate, existing cash & equivalents will be sufficient to pay costs associated with restructuring

* Bebe Stores says is negotiating with third party to obtain bridge financing to meet agreed upon obligations associated with lease termination agreements

* Bebe Stores says believes cash and cash equivalents on hand will be sufficient to meet capital and operating requirements for at least next 12 months

* Recorded impairment charges of $8.7 million for quarter ended April 1, related to long-lived assets in store fleet for stores with positive net carrying value

* Recorded further impairment charges of about $12.9 million related to long-lived assets at corporate head offices and distribution center Source text for Eikon: (bit.ly/2ro3vmC) Further company coverage:

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