Brief: Bebe Stores announces organizational restructuring

bebe stores

19/02/2016 12:00

Feb 19 (Reuters) - bebe stores inc  BEBE.O : 
 * Announces organizational restructuring 
 * Says manny mashouf rejoins management team as chief executive officer 
 * Says walter parks rejoins the company as president, chief operating officer, 
   and interim-chief financial officer 
 * Says instituted a workforce reduction that will result in the elimination of 
   a total of approximately 45 positions 
 * Says approximately a 14.6% reduction in corporate headcount 
 * Streamlining design and merchandising teams, while reducing support functions 
   in recognition of the rationalization of the store base 
 * Expects to incur a one-time severance charge of approximately $3.7 million in 
   the third fiscal quarter of 2016 
 * Says reductions are expected to yield annualized pre-tax cost savings of 
   approximately $6.0 million 
 * Recognize that the overall macro environment has not been favorable to 
   retailers in general" 
 * Former chief executive officer and board member Jim Wiggett and former chief 
   financial officer liyuan woo are no longer with the company 
 
 * Source text for Eikon  ID:nBw2KbfhZa  
 
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