bebe stores, inc. (OTCQB:BEBE) ("bebe" or the "Company") today announced that B. Riley Financial Inc. (Nasdaq: RILY) ("B. Riley") and bebe founder Manny Mashouf have entered into a stock purchase agreement pursuant to which B. Riley will acquire 3.7 million common shares of bebe, beneficially owned by Manny Mashouf, at $5.00 per share for a total purchase price of $18.5 million. The transaction closing date is expected to occur on September 30, 2023, subject to the satisfaction of certain closing conditions. Following the acquisition of such shares, B. Riley and Manny Mashouf will beneficially own approximately 76% and 4%, respectively, of bebe's outstanding common shares.
"Having founded bebe more than 45 years ago, it has been a continuous and integral fabric of my life ever since. There inevitably comes a time to step away, and I intend to step down from my roles at bebe in the near future," said Manny Mashouf, founding CEO and board member since 1976. "It has been an extraordinarily memorable and rewarding journey creating bebe into an iconic brand that has embodied the fashion-forward woman with the confidence to be her best self. I am beyond grateful to the many individuals who have contributed to making my vision a reality throughout the years, including the B. Riley team."
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.
EVP, General Counsel & Secretary
bebe stores, inc.