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Declining mall traffic affects Bebe in Q4
Bebe Stores had a difficult second quarter. The company reported a net loss of $5.5 million, which it said was partly fueled by declining mall traffic and an aggressive promotional environment across the industry.
Net sales declined 4.1% to $130 million, from $135.5 million reported for the second quarter a year ago. Same-store sales decreased 1.9%.
CEO Steve Birkhold acknowledged challenges, but cited sequential improvement in same-store sales and holiday sales, as well.
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KKR & Co. to acquire National Vision Inc.
New York -- Private equity firm KKR & Co. will acquire National Vision Inc. from Berkshire Partners.
National Vision, which focuses on low-cost glasses and contacts, operates more than 750 retail locations under names that include America's Best Contacts & Eyeglasses and Eyeglass World. It also has stores inside Wal-Mart Stores Inc, Fred Meyer, and military bases.
Terms of the deal were not disclosed. The management team of National Vision is expected to remain a significant investor in the company, KKR said.