Bebe stores : FY22 Q2 Quarterly Report for the period ending 01/01/22

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 January 1, 2022

(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 January 1, 2022 (Unaudited) and July 3, 2021	5
	Condensed Consolidated Statements of Income and Comprehensive Income for the three months	6
	and six months ended January 1, 2022 and January 2, 2021 (Unaudited)
	Condensed Consolidated Statements of Cash Flows for the six months ended January 1, 2022	7
	and January 2, 2021 (Unaudited)
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 4.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item 5.	Legal Proceedings	38
Item 6.	Defaults upon Senior Securities	38
Item 7.	Other Information	38
Item 8.	Exhibits	39
Item 9.	Certifications	40
	Copy of Sixth Amended and Restated Articles of Incorporation	41

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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 January 1, 2022
	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	2,209	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 as of January 4, 2022.
4. Estimate based on beneficial share range analysis, received from Broadridge Financial Solutions as of July 2, 2021.
5. Estimate based on beneficial share range analysis, received from Broadridge Financial Solutions as of 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
		January 1, 2022			July 3, 2021
Assets:
Current assets:
Cash and cash equivalents	$	5,058	$	8,952
Accounts receivable, net		372			-
Rental merchandise, net		17,893			14,162
Prepaid and other current assets		665			756
Total current assets		23,988			23,870
Equity method investments		19,721			20,105
Property and equipment, net		1,534			1,403
Intangible assets, net		6,100			6,030
Goodwill		18,865			16,505
Operating lease right-of-use assets		7,602			6,230
Finance lease right-of-use assets		370			-
Other assets		581			566
Total assets	$	78,761	$	74,709
Liabilities and Shareholders' Equity:
Current liabilities:
Accounts payable	$	291	$	172
Due to franchisor, net		2,543			2,478
Deferred revenue		949			1,064
Operating lease liabilities		2,535			1,957
Finance lease liabilities		74			-
Accrued liabilities		4,973			4,914
Total current liabilities		11,365			10,585
Non-current liabilities:
Note payable, net		23,882			21,725
Operating lease liabilities		4,523			3,895
Finance lease liabilities		296			-
Deferred tax liabilities, net		107			17
Total non-current liabilities		28,808			25,637
Total liabilities		40,173			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 50,000,000 shares at $0.001 par value per
share; issued and outstanding 12,874,111 and 12,874,111 shares,
respectively		13			13
Additional paid-in capital		173,793			173,793
Accumulated other comprehensive income		361			266
Accumulated deficit		(135,579)			(135,585)
Total shareholders' equity		38,588			38,487
Total liabilities and shareholders' equity	$	78,761	$	74,709

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

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