Bebe stores Sells Interests in Bebe and Brookstone Brands for $46.6 million in Cash and Declares Special Dividend
San Francisco, CA — Bebe stores, inc. has sold all of its membership interests in the Bebe and Brookstone brand joint ventures, 50% and 28.5% respectively, for $46.624 million in cash proceeds to Bebe. With these proceeds, the Company has paid down all outstanding debt.
The company’s board of directors declared a special cash dividend of $2.00 per common share to its shareholders of record at the close of business on November 11, payable on or after November 22. Following the payment of this dividend, the Company will retain approximately $8.5 million in cash to fund working capital for the company’s more than 60 Buddy’s Home Furnishings franchise stores and corporate expenses.
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