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is closing all of its 175 stores, including eight locations in Virginia, the company said in a regulatory filing Friday. Bebe operates a store at the Stony Point Fashion Park, which opened in 2003. It expects all of its stores will close by the end of May. The chain is closing its stores after years of declining sales and losses. It becomes the latest casualty in the retail industry as the fallout from online competition and shifting fashion preferences spreads. The struggling California-based chain said Friday that it entered into an agreement with Great American Group LLC and Tiger Capital Group LLC to sell all merchandise and inventory owned at its existing retail stores and to sell fixtures and equipment at the stores, according to a filing with the U.S. Securities and Exchange Commission. "We may incur a loss in connection with this sale of our merchandise and inventory, but we cannot estimate such loss at this time," the company said in the filing. The company also expects to recognize an impairment charge of approximately $20 million. Great American Group will be paid $550,000 for its services plus receive an additional fee of 15 percent of the gross proceeds generated from the sale of the furnishings, trade fixtures and equipment.
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