Bebe Stores Chairman Manny Mashouf Announces Plan To Sell 59% Ownership Stake

(RTTNews) - Apparel retailer bebe stores, inc. (BEBE) announced that its Founder and Chairman Manny Mashouf plans to sell his 59 percent ownership stake in the company.

In a registration statement filed with the U.S. Securities and Exchange Commission, the company revealed that certain selling shareholders affiliated with Mashouf plan to sell 46.91 million shares of its common stock held by them.

Following effectiveness of the registration statement with the SEC, the selling shareholders would intend to sell their shares in the company over a reasonable period of time in a series of underwritten public offerings or otherwise.

bebe is not offering any shares of common stock pursuant of the registration statement and will not receive any proceeds from the sale of any shares thereunder.