Bebe stores, inc. acquired 47 Buddy’s locations of Franchise Group from Franchise Group, Inc. for $35 million.
November 11, 2020
Share
bebe stores, inc. (OTCPK:BEBE) acquired 47 Buddy's locations of Franchise Group from Franchise Group, Inc. (NasdaqGM:FRG) for $35 million on November 10, 2020. The transaction will be funded by a 1.5 million primary share purchase by B. Riley Financial at a price of $5 per share, a $22 million secured loan led by MILFAM, LLC, and available cash on hand. The company intends to use the proceeds of this transaction to repay $35 million of its term loan.
bebe stores, inc. (OTCPK:BEBE) completed the acquisition of 47 Buddy's locations of Franchise Group from Franchise Group, Inc. (NasdaqGM:FRG) on November 10 2020. Tad J. Freese of Latham & Watkins LLP acted as legal advisor to bebe stores.
bebe stores, inc. is primarily engaged in the business of operating retail rent-to-own franchise stores. The Company's rent-to-own Buddy's franchise stores offer furniture, appliances, and consumer electronics to consumers through rent-to-own agreements. The Company leases space for all of its Buddy's franchise stores under operating leases. It offers various product categories, including Featured, New, Clothing, Dresses, Denim, Shoes, and Accessories. Its Featured category includes Bandage Dresses, Bridal, Fall, and Halloween, among others. Its Clothing category includes Tops, Bottoms, Denim, Jackets, and Activewear, among others. Its Dresses category consists of Bandage Dresses, Bodycon Dresses, Denim Dresses, Little Black Dresses, Logo Dresses, Mini Dresses, Midi Dresses, Maxi Dresses, and others. Its Accessories include Bags, Belts, Hats, Shoes, Sunglasses, Watches. The Company operates approximately 64 stores in 12 states in the southeastern United States.
BEBE STORES, INC. 
