Another retailer is falling victim to the new ice age for traditional brick-and-mortar stores and an industry dominated by Amazon.com Inc. (Nasdaq: AMZN)
California-based Bebe Inc. (Nasdaq: BEBE) is closing all its stores.
That includes five in Arizona: single stores at Scottsdale Fashion Square, Arizona Mills Mall, Tanger’s Westgate Outlets and two in Tucson. The company previously closed a store at Chandler Fashion Center.
“The company currently anticipates that it will close all of the stores by the end of May 2017,” said Bebe President and COO Walter Parks in an SEC filing.
An employee at one of the Bebe stores in the Phoenix area said locations are slated to close in late May but those shutterings could be earlier.
Bebe had 180 stores at the end of last year, according to Reuters. The company’s stock was trading at $3.96 Friday. That compares to Amazon (AMZN) which was trading at $900.27, according to Google Finance.
The wave of retail closures impact shopping mall landlords such as Macerich Co.(NYSE: MAC) — which owns Scottsdale Fashion Square and other regional malls — Simon Property Group (NYSE: SPG) — which owns Arizona Mills — and Tanger Factory Outlet Centers Inc.(NYSE: SKT) — which owns the Westgate Outlets.