Under mounting financial losses, Bebe has finally pulled the plug on its long-running retail chain, closing 168 stores and laying off 700 employees.
While Bebe may have disappeared from the mall, the brand is still going strong online and recently revealed its online-only collection for Spring 2018.
The chain, which designs, develops and produces a range of women’s apparel and accessories is best known for its contemporary collection of feminine and flirty dresses.
Why we care: Bebe was founded in San Francisco in 1976 by Iranian-American businessman Manny Mashouf. Mashouf, born in Iran in 1938, moved to the United States in his teens.
The 79 year-old fashion icon was believed to have a net-worth of more than $1 billion, but this figure is likely to be considerably lower as a result of Bebe’s struggles. In 2016 Mashouf sold his Holmby Hills, CA estate for $30 million.
In addition to transforming his small business into a nationally-recognized brand, Mashouf has been an active philanthropist, donating generously to various causes. His donations include the $10 million pledged to his alma mater, San Francisco State University for a performing arts center.