- B. Riley (NASDAQ:RILY) announces that it acquired a 29% stake in bebe stores (OTC:BEBE) and landed two seats on the board.
- B. Riley on its bebe strategy: "After successfully divesting its retail stores, bebe contributed all of its intellectual property rights including licensing revenue to BB Brand Holdings LLC, bebe's operating subsidiary which is 50% jointly owned by Bluestar Alliance LLC and generated approximately $2.9 million in revenue during the quarter ended September 30, 2017. As a result of these transactions, bebe has minimal expenses and has maintained approximately $340 million net operating loss carryforwards. bebe also owns its former corporate headquarters free and clear of any debt obligations, and this significant real estate asset, which is currently held for sale, is believed to be valued at approximately $30 million."
- B. Riley press release