B. Riley Financial, Inc. entered into a stock purchase agreement to acquire an additional 28.7% minority stake in bebe stores, inc. from Manny Mashouf, founder of bebe stores, inc. for $18.5 million.
September 24, 2023
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B. Riley Financial, Inc. (NasdaqGM:RILY) entered into a stock purchase agreement to acquire an additional 28.7% minority stake in bebe stores, inc. (OTCPK:BEBE) from Manny Mashouf, founder of bebe stores, inc. for $18.5 million on September 25, 2023. B. Riley will acquire 3.7 million common shares of bebe at $5.00 per share. Following the acquisition of such shares, B. Riley and Manny Mashouf will beneficially own approximately 76.2% and 4%, respectively, of bebe?s outstanding common shares.
The transaction closing date is expected to occur on September 30, 2023, subject to the satisfaction of certain closing conditions.
bebe stores, inc. is primarily engaged in the business of operating retail rent-to-own franchise stores. The Company's rent-to-own Buddy's franchise stores offer furniture, appliances, and consumer electronics to consumers through rent-to-own agreements. The Company leases space for all of its Buddy's franchise stores under operating leases. It offers various product categories, including Featured, New, Clothing, Dresses, Denim, Shoes, and Accessories. Its Featured category includes Bandage Dresses, Bridal, Fall, and Halloween, among others. Its Clothing category includes Tops, Bottoms, Denim, Jackets, and Activewear, among others. Its Dresses category consists of Bandage Dresses, Bodycon Dresses, Denim Dresses, Little Black Dresses, Logo Dresses, Mini Dresses, Midi Dresses, Maxi Dresses, and others. Its Accessories include Bags, Belts, Hats, Shoes, Sunglasses, Watches. The Company operates approximately 64 stores in 12 states in the southeastern United States.
B. Riley Financial, Inc. entered into a stock purchase agreement to acquire an additional 28.7% minority stake in bebe stores, inc. from Manny Mashouf, founder of bebe stores, inc. for $18.5 million.
BEBE STORES, INC. 
