bebe stores, inc. Announces Special Cash Dividend and Changes to the Board of Directors
BRISBANE, Calif.--(BUSINESS WIRE)--Sep 28, 2018--bebe stores, inc. (OTCQB: BEBE) (the “Company”) today announced that its Board of Directors declared a special cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on October 24, 2018 to shareholders of record at the close of business on October 10, 2018. The dividend is based on the trailing two quarters of licensing income from BB Brand Holdings LLC, the joint venture 50% owned by the Company.
The Company also announced the following changes to its Board of Directors (the “Board”), each of which will be effective September 30, 2018: (i) Robert Galvin will resign from the Board and be replaced by Darrin Klotz; (ii) Nick Capuano will be appointed Chairman of the Board, and will continue to be joined on the Board by Manny Mashouf, Corrado Federico and Kenny Young; and (iii) the Board will dissolve the Nominating and Corporate Governance Committee and the Compensation Committee.
“We are truly grateful for Bob Galvin’s outstanding dedication and service to bebe. He was instrumental in bebe’s successful transformation,” said Manny Mashouf, Founder and Chief Executive Officer. “We are excited to welcome Darrin to the team and look forward to his contributions.”
Mr. Darrin Klotz co-founded Lido Equities Group, Inc. and has served as President since the incorporation in 1990. Mr. Klotz specializes in the acquisition, development and management of commercial investment properties. Mr. Klotz is the General and Managing partner of over 80 real estate partnerships owning over 2,000 apartment units. He is a licensed California Real Estate Broker and holds a Bachelor of Arts in Economics from the University of California, Los Angeles.
About bebe stores, inc.:
bebe is global specialty retailer of women’s apparel and accessories that distributes and sells bebe branded product through its licensees and www.bebe.com in approximately 21 countries.
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CONTACT: bebe stores, inc.
Gary Bosch, 415-657-4627
Vice President, General Counsel and Secretary
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: WOMEN RETAIL FASHION CONSUMER
SOURCE: bebe stores, inc.
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PUB: 09/28/2018 06:30 PM/DISC: 09/28/2018 06:30 PM