bebe stores, inc. Announces the Completion of B. Riley’s Purchase of 3.7 million bebe Shares from bebe Founder Manny Mashouf

Rhea-AI Summary

bebe stores, inc. announces closing of $18.5 million purchase of 3.7 million common shares by B. Riley Financial Inc.

Positive

• B. Riley Financial Inc. purchases 3.7 million common shares of bebe at $5.00 per share for a total of $18.5 million

Negative

• None.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20231011578453/en/

Investor-relations@bebe.untd.com

(415) 251-3355

Source: bebe stores, inc.

FAQ

Who purchased the common shares of bebe?

B. Riley Financial Inc.

How many common shares were purchased?

3.7 million

At what price were the shares purchased?

$5.00 per share

What is the total purchase price?

$18.5 million

Who owns the majority of bebe's outstanding common shares now?

B. Riley Financial Inc.

Who is the founder of bebe?

Manny Mashouf