B. Riley Financial increases investment in bebe stores

B. Riley Financial (RILY) announced it has signed an agreement to purchase 3.7M shares of common stock of bebe stores (BEBE) from trusts formed by bebe founder, Manny Mashouf, at $5.00 per share for a total purchase price of $18.5M. The closing date of the transaction is expected to occur on September 30, subject to the satisfaction of certain closing conditions. Upon the closing of the transaction, B. Riley’s total ownership of bebe will be approximately 76% of the shares of common stock outstanding. Mashouf, who plans to step down from his roles at bebe in the near future, will continue to own approximately 4% of bebe’s outstanding shares of common stock.