bebe stores, inc. announced that effective December 29, 2017, Walter Parks, President, Chief Operating Officer and Chief Financial Officer, will no longer be employed with the company. Per the terms of the Retention Bonus letter agreement between Mr. Parks and the company, Mr. Parks will be receiving a retention bonus of five-hundred thousand $500,000. Effective December 29, 2017, Joe Scirocco will serve as the company's principal financial officer and principal accounting officer.
Mr. Scirocco is an independent consultant and currently serves on the board of directors of both The Collected Group and Reyn Spooner Holdings. From 2012 to 2015. In connection with his appointment, the company has agreed to pay Mr. Scirocco $12,500 per month plus reasonable expenses.
Effective January 1, 2018, the company will no longer provide Manny Mashouf, the company's Chief Executive Officer, with his base salary or housing allowance.
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. 
