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Form 8-K bebe stores, inc. For: Apr 06

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April 7, 2016 6:17 AM EDT


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 FORM 8-K

 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 6, 2016
 

bebe stores, inc.
(Exact Name of Registrant as Specified in Charter)

California
0-24395
94-2450490
(State or other jurisdiction
of incorporation)
(Commission
File No.)
(I.R.S. Employer
Identification No.)
 
 
 

400 Valley Drive
Brisbane, CA 94005
(Address of principal executive offices)
Registrant’s telephone number, including area code:
(415) 715-3900
 
   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
      o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
      o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
      o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
      o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 





Item 7.01. Regulation FD Disclosure.
On April 6, 2016, bebe issued a letter addressed to Mr. Michael Zimmerman of Prentice Capital Management LP a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits
 
(d)    Exhibits

Exhibit No. 99.1




SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
bebe stores, inc.
Dated: April 6, 2016 
/s/ Gary Bosch
 
Name: Gary Bosch
 
Title: Vice President, General Counsel & Corporate Secretary






EXHIBIT INDEX
Exhibit No.
 
Description of Exhibit
99.1
 
Letter to Prentice Capital Management LP, dated April 6, 2016





 


April 6, 2016
Mr. Michael Zimmerman
Prentice Capital Management LP
100 West Putnam Ave, Slagle House
Greenwich, CT 06830

Dear Mr. Zimmerman,
As the largest shareholder and founder, I share your concerns on how this company was run over the last three years. For this reason, I chose to return. As it relates to my compensation, I take exception with your concern as I’m being paid substantially less than the prior two CEOs when you take into consideration base salary, guaranteed bonus and stock grants. Furthermore, I can assure you that neither the board nor management is content to simply conduct “business as usual”. I can also assure you that the board and management are fully aware of, and are fully complying with, their respective fiduciary duties and do believe we are taking the necessary steps as we seek to reverse the trends of the last three years.
As discussed during our one hour call with you on March 9, 2016, we are willing to execute a non-disclosure agreement to further review the changes being made to address the financial performance over the last three years. We have also asked if you would like to join us here in our Los Angeles office to further discuss our financial performance and outlook. As you are fully aware, we cannot legally disclose material non-public information to you in the absence of a non-disclosure agreement. In the absence of an executed agreement and as we discussed, we are working diligently to reduce our operating expenses and align them to sales. In addition, we agree that our capital structure needs to be addressed and we are working to solve that as I write.
In closing, I have to question your intent and sincerity in your continued correspondence with the company and the public, claiming that we did not respond to your letter and have refused to engage with you, after I spent over an hour on the phone with you and our President and COO Walter Parks.
Mr. Zimmerman, my offer still stands if you execute a non-disclosure agreement to enable us to share the changes we are making and to show you how we are improving the company’s financial performance.

Sincerely,
Manny




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