Bebe stores : FY22 Q1 Quarterly Report for the Period Ending 10/02/21

bebe stores, inc.

California

(State or Jurisdiction of

Incorporation or Organization)

552 Wisconsin Street

San Francisco, CA 94107

(Address of principal executive offices)

Telephone: [phone]

www.bebe.com

[e-mail]

SIC Code: 7359

Quarterly Report

For the period ended October 2, 2021

(the "Reporting Period")

The number of shares outstanding of our Common Stock is 12,874,111 as of the end of the Reporting Period.

The number of shares outstanding of our Common Stock was 12,874,111 as of the end of the previous Reporting Period.

Indicate by check mark whether the company is a shell company (as defined in Rule12b-2 of the Exchange Act of 1934): Yes  No 

Indicate by check mark whether the company's shell status has changed since the previous reporting period: Yes  No 

Indicate by check mark whether a change in control of the company has occurred over this reporting period: Yes  No 

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Table of Contents

ITEM		PAGE
Item 1.	Exact Name of the Issuer and the Address of its Principal Executive Offices	3
Item 2.	Shares Outstanding	4
Item 3.	Condensed Consolidated Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of October 2, 2021 (Unaudited) and July 3, 2021	5
	Condensed Consolidated Statements of Income and Comprehensive Income for the three months	6
	ended October 2, 2021 and October 3, 2020 (Unaudited)
	Condensed Consolidated Statements of Cash Flows for the three months ended October 2, 2021	7
	and October 3, 2020 (Unaudited)
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 4.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 5.	Legal Proceedings	36
Item 6.	Defaults upon Senior Securities	36
Item 7.	Other Information	36
Item 8.	Exhibits	37
Item 9.	Certifications	38

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Item 1. Exact Name of the Issuer and the Address of its Principal Executive Offices.

Exact name of issuer:	bebe stores, inc.
Principal Executive Offices:	552 Wisconsin Street
	San Francisco, CA 94107
	Telephone: [phone]
	Website: www.bebe.com

Check box if principal executive office and principal place of business are the same address: ☑

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Item 2. Shares Outstanding.

As of October 2, 2021
	Number of	Number of	Freely Tradable	Total Number	Total Number
	Shares	Shares	Shares (Public	of Beneficial	of Shareholders
Class	Authorized	Outstanding	Float)	(1)	Shareholders	(3)	of Record
Common Stock	14,000,000	12,874,111	2,904,119	2,250	27
Preferred Stock	1,000,000	-		-			-
As of July 3, 2021
	Number of	Number of	Freely Tradable	Total Number	Total Number
	Shares	Shares	Shares (Public	of Beneficial	of Shareholders
Class	Authorized	Outstanding	Float)	(1)	Shareholders	(4)	of Record
Common Stock	14,000,000	12,874,111	2,904,119	2,228	28
Preferred Stock	1,000,000	-		-			-
As of July 4, 2020
	Number of	Number of	Freely Tradable	Total Number	Total Number
	Shares	Shares	Shares (Public	of Beneficial	of Shareholders
Class	Authorized	Outstanding	Float)	(2)	Shareholders	(5)	of Record
Common Stock	14,000,000	11,374,111	4,118,158	2,366	29
Preferred Stock	1,000,000	-		-	-		-

1. For purposes of this calculation only, shares of common stock held by (i) each of bebe's directors and officers on the given date and (ii) person(s) who bebe knows beneficially owned 5% or more of the outstanding common stock on that date have been excluded in that such persons may be deemed to be affiliates. Based on share information provided by Computershare and combined with additional beneficial share information received by bebe.
2. For purposes of this calculation only, shares of common stock held by (i) each of bebe's directors and officers on the given date and (ii) person(s) who bebe knows beneficially owned 5% or more of the outstanding common stock on that date have been excluded in that such persons may be deemed to be affiliates. Based on share information provided by Computershare.
3. Estimate based on beneficial share range analysis, received from Broadridge Financial Solutions and based on date October 4, 2021.
4. Estimate based on beneficial share range analysis, received from Broadridge Financial Solutions and based on date July 2, 2021.
5. Estimate based on beneficial share range analysis, received from Broadridge Financial Solutions and based on date July 3, 2020.

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Item 3. Condensed Consolidated Financial Statements (unaudited).

bebe stores, inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
		As of			As of
		October 2, 2021			July 3, 2021
Assets:
Current assets:
Cash and cash equivalents	$	5,347	$	8,952
Accounts receivable, net		275			-
Rental merchandise, net		16,434			14,162
Prepaid and other current assets		854			756
Total current assets		22,910			23,870
Equity method investments		19,965			20,105
Property and equipment, net		1,576			1,403
Intangible assets, net		6,467			6,030
Goodwill		18,865			16,505
Operating lease right-of-use assets		7,588			6,230
Other assets		574			566
Total assets	$	77,945	$	74,709
Liabilities and Shareholders' Equity:
Current liabilities:
Accounts payable	$	483	$	172
Due to franchisor		2,170			2,478
Deferred revenue		1,219			1,064
Operating lease liabilities		2,365			1,957
Accrued liabilities		4,791			4,914
Total current liabilities		11,028			10,585
Non-current liabilities:
Note payable, net		23,822			21,725
Operating lease liabilities		4,616			3,895
Deferred tax liabilities, net		55			17
Total non-current liabilities		28,493			25,637
Total liabilities		39,521			36,222
Commitments and contingencies
Shareholders' equity:
Preferred stock-authorized 1,000,000 shares at $0.001 par value per
share; no shares issued and outstanding		-			-
Common stock-authorized 14,000,000 shares at $0.001 par value per
share; issued and outstanding 12,874,111 and 12,874,111 shares		13			13
Additional paid-in capital		173,793			173,793
Accumulated other comprehensive income		365			266
Accumulated deficit		(135,747)			(135,585)
Total shareholders' equity		38,424			38,487
Total liabilities and shareholders' equity	$	77,945	$	74,709

The accompanying notes are an integral part of these condensed consolidated financial statements.

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