Bebe stores, inc. (BEBE) has announced that it will be closing more stores in 2016.
Manny Mashouf, CEO of the company, said that the company will continue its “strategy of streamlining the production cycle for our product, improvements to the assortment within each of our stores, further rationalization of the store fleet, and continued focus on discretionary spending,” during its fiscal fourth quarter.
Bebe stores also noted that it closed 12 retail locations and two outlet stores during its third fiscal quarter for 2016. It cut 86 corporate jobs, which will allow it save $9 million a year. However, its Q3 results were negatively affected by costs associated with these job cuts.
The retailer saw revenue decrease during its third quarter as comparable store sales dropped roughly 8%. It’s also expecting comparable store sales for Q4 206 to be down in the “mid to high single digit range.”
BEBE stock was down 32% as of Noon Friday.
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