Traffic and conversion troubles led to a disappointing performance by fashion retailer Bebe Stores in the second quarter. For the period ended Jan. 2, the company reported a loss of $5.5 million.
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Bebe launches new global growth initiative
Bebe Stores Inc. is building upon efforts to turn itself around and boost its international presence.
The specialty apparel retailer, which launched a China growth plan in 2015, has entered into a joint venture with Bluestar Alliance LLC to license its brand domestically and globally. Bebe has received $35 million in connection with the formation of the joint venture.
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Executive shake-ups, lay-offs at Bebe
Bebe stores has brought back its founder and former CEO to lead a turnaround effort that includes a 15% reduction in its corporate workforce.
The troubled retailer announced that founder Manny Mashouf has rejoined its management team as CEO, replacing Jim Wiggett, who was hired less than two years ago. Mashouf previously served as CEO from the company’s founding in 1976 to 2004, and then again from 2009 until the beginning of 2013, when he stepped down and became non-executive chairman.
