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

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