Bebe to sell LA design studio for $35 million
Bebe at the end of June entered into an agreement to sell its Los Angeles design studio to Monday Properties Investments, LLC for $35 million.
The company disclosed the new agreement just weeks after it terminated all of its store leases for $65 million, announced a partnership with Global Brands Group to relaunch its e-commerce platform and international retail locations, as well as hiring Nathan Jenden as Creative Director.
The retailer narrowly escaped filing bankruptcy this year by closing its stores and transferring its intellectual property to a joint venture, including its website domain, social media, and international wholesale agreements.
As per the new agreement for the design studio, Bebe retains a right to lease back up to 12,000 square feet for up to four months after closing, with the ability to terminate this right with 30 days prior written notice. The sale is subject to close in mid-August 2017, subject to customary closing conditions.
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