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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bebe Stores Inc (PK) | USOTC:BEBE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.29 | 2.20 | 2.40 | 0.00 | 13:44:58 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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California
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94-2450490
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(State or Jurisdiction of
Incorporation or Organization)
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(IRS Employer
Identification Number)
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Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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x
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Emerging growth company
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o
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Page No.
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PART I.
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ITEM 1.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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PART II.
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ITEM 1.
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ITEM 1A.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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ITEM 6.
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As of
September 30, 2017 |
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As of
July 1, 2017 |
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Assets:
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Current assets:
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Cash and equivalents
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$
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11,138
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$
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17,032
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Receivables
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8,111
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5,222
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Assets of discontinued operations held for sale
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8,613
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25,796
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Assets of discontinued operations not held for sale
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160
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818
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Prepaid and other
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1,369
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1,599
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Total current assets
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29,391
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50,467
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Equity method investment
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883
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1,257
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Other assets
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598
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797
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Total assets
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$
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30,872
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$
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52,521
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Liabilities and Shareholders’ Deficit:
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Current liabilities:
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Accounts payable
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$
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10,346
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$
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15,265
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Accrued liabilities
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10,842
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12,013
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Bridge loan, net of issue discount
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15,601
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33,158
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Liabilities of discontinued operations
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1,420
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1,955
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Total current liabilities
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38,210
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62,391
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Non-current note payable
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914
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1,142
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Liability for uncertain tax positions
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88
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88
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Total liabilities
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39,212
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63,621
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Commitments and contingencies
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Shareholders’ deficit:
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Preferred stock-authorized 1,000,000 shares at $0.001 par value per share; no shares issued and outstanding
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—
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Common stock-authorized 14,000,000 shares at $0.001 par value per share; issued and outstanding 8,114,275 and 8,096,090 shares
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8
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8
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Additional paid-in capital
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147,111
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146,999
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Accumulated other comprehensive income
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557
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573
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Accumulated deficit
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(156,017
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)
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(158,680
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)
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Total shareholders’ deficit
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(8,340
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)
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(11,100
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)
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Total liabilities and shareholders’ deficit
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$
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30,872
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$
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52,521
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Three Months Ended
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September 30, 2017
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October 1, 2016
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Net sales
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$
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—
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$
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—
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Cost of sales, including production and occupancy
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—
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—
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Gross margin
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—
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—
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Selling, general and administrative expenses
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2,259
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9,463
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Operating loss
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(2,259
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)
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(9,463
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)
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Interest (expense) and other, net
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(1,046
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)
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14
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Loss from continuing operations, before income taxes
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(3,305
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)
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(9,449
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)
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Income tax provision
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—
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—
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Earnings in equity method investment
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1,026
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450
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Loss from continuing operations, net of tax
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(2,280
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)
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(8,999
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)
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Income from discontinued operations, net of tax
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4,942
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1,221
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Net income (loss)
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$
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2,663
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$
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(7,778
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Basic per share amounts:
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Net loss from continuing operations, net of tax
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$
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(0.28
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)
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$
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(1.12
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)
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Net loss from discontinued operations, net of tax
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0.61
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0.15
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Net income (loss)
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$
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0.33
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$
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(0.97
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)
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Diluted per share amounts:
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Net loss from continuing operations, net of tax
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$
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(0.28
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)
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$
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(1.12
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)
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Net loss from discontinued operations, net of tax
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0.61
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0.15
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Net income (loss)
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$
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0.33
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$
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(0.97
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Basic weighted average shares outstanding
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8,101
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8,007
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Diluted weighted average shares outstanding
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8,101
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8,007
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Other comprehensive income (loss)
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Foreign currency translation adjustments
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(16
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69
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Other comprehensive income (loss)
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(16
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69
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Comprehensive income (loss)
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$
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2,647
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$
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(7,709
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)
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Three Months Ended
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September 30, 2017
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October 1, 2016
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Cash flows from operating activities:
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Net income (loss)
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$
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2,663
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$
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(7,778
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)
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Adjustments to reconcile net loss to cash used by operating activities:
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Gain on sale of assets of discontinued operations held for sale
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(6,666
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)
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—
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Non-cash compensation expense
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119
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472
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Depreciation and amortization
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—
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4,268
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Non-cash charge for asset impairment
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—
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764
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Earnings in equity method investment
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(1,026
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(450
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)
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Cash receipt from equity method investment
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1,400
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600
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Other
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—
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(91
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)
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Changes in operating assets and liabilities:
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Receivables
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365
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(454
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)
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Inventories
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—
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406
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Prepaid expenses and other
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437
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(1,052
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)
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Accounts payable
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(7,429
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)
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(312
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)
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Deferred rent and other lease incentives
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—
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(1,047
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)
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Accrued liabilities
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(1,215
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)
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(3,091
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)
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Net cash used by operating activities
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(11,351
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)
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(7,765
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)
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Cash flows from investing activities:
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Purchase of property and equipment
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(83
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)
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(376
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)
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Proceeds from the sale of assets of discontinued operations held for sale
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23,687
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—
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Net cash provided (used) by investing activities
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23,604
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(376
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)
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Cash flows from financing activities:
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Proceeds from issuance of common stock
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—
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3
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Repayment of bridge loan
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(18,133
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—
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Net cash (used) provided by financing activities
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(18,133
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3
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Net decrease in cash and equivalents
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(5,880
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)
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(8,138
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)
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Effect of exchange rate changes on cash
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(14
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)
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(109
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)
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Cash and equivalents:
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Beginning of period
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17,032
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55,525
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End of period
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$
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11,138
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$
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47,278
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Three Month Ended
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September 30, 2017
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October 1, 2016
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(in thousands)
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Revenue
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$
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2,894
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$
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1,338
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Gross Profit
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2,894
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1,338
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Net income from continuing operations
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2,051
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899
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Net Income
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$
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2,051
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$
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899
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Three Month Ended
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September 30, 2017
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October 1, 2016
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(in thousands)
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Net sales
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$
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—
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$
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87,238
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Cost of sales, including production and occupancy
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(10
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(59,743
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)
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Gross margin
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(10
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)
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27,495
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Selling, general and administrative expenses
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(1,566
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)
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(26,257
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)
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Gain on Sale of Assets
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6,666
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—
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Income from discontinued operations, before income tax provision
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5,090
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1,238
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Tax provision
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(148
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)
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(17
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)
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Income from discontinued operations, net of tax provision
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$
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4,942
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$
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1,221
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Lease Termination
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Severance
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Total
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(in thousands)
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Balance as of July 1, 2017
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$
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2,024
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$
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1,772
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$
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3,796
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Costs incurred in fiscal 2018
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—
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967
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967
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Cash payments made
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(252
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)
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(377
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)
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(629
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)
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Balance as of September 30, 2017
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$
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1,772
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$
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2,362
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$
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4,134
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Description
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September 30, 2017
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July 1, 2017
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(in thousands)
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Distribution Center
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$
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—
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$
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15,622
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LA Studio
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8,613
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8,613
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Condominiums
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—
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1,561
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Total
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$
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8,613
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$
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25,796
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Description
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July 1,
2017 |
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Using Quoted Prices
in Active Markets for Identical Assets |
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Significant
Other Observable Inputs |
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Significant
Unobservable Inputs |
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(Level 1)
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(Level 2)
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(Level 3)
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Fair value measurements at reporting date
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(In thousands)
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Cash equivalents
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$
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236
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$
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236
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$
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—
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$
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—
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Total
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$
|
236
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$
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236
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$
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—
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$
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—
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Three Months Ended
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October 1, 2016
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(dollar amounts in millions)
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Number of stores identified as at risk and evaluated for impairment
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7
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Number of stores identified as at risk, but not impaired
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(3
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)
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Number of stores identified as at risk with impairment
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4
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Total carrying amount of stores identified as at risk prior to any impairment charges taken
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$
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1.7
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Total carrying amount of stores identified as at risk, but not impaired
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(0.9
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)
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Total carrying amount of stores identified for impairment
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0.8
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Impairment charges recorded during the period
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$
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0.8
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Fair Value
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||
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(Dollars in thousands)
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Cash
|
$
|
11,138
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Weighted average interest rate
|
0.00
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%
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Total
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$
|
11,138
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Exhibit
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Description
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10.1(*)
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Retention Bonus Letter Agreement, dated August 8, 2017, by and between bebe stores, inc. and Darren Horvath (incorporated by reference from exhibit 10.33 to Registrant’s Annual Report on Form 10-K filed on October 2, 2017).
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31.1
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Section 302 Certification of Chief Executive Officer.
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31.2
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Section 302 Certification of Chief Financial Officer.
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32.1
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Section 906 Certification of Chief Executive Officer.
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32.2
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Section 906 Certification of Chief Financial Officer.
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema
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101.CAL
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XBRL Taxonomy Calculation Linkbase
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase
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101.LAB
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XBRL Taxonomy Extension Label Linkbase
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101.PRE
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XBRL Taxonomy Presentation Linkbase
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Exhibit
Number
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Description
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10.1(*)
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31.1
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31.2
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32.1
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32.2
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema
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101.CAL
|
XBRL Taxonomy Calculation Linkbase
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101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
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101.LAB
|
XBRL Taxonomy Extension Label Linkbase
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101.PRE
|
XBRL Taxonomy Presentation Linkbase
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Dated November 14, 2017
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bebe stores, inc.
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/s/ Walter Parks
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Walter Parks, President, Chief Operating Officer, Chief Financial Officer
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|
1 Year Bebe Stores (PK) Chart |
1 Month Bebe Stores (PK) Chart |
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