Bebe Stores Announces Rejoining Of Manny Mashouf As CEO, Names Walter Parks COO

(RTTNews) - Bebe stores, inc. (BEBE) Friday announced the rejoining of Manny Mashouf as chief executive officer and named Walter Parks as president, chief operating officer and interim-chief financial officer. The new appointments will replace former CEO Jim Wiggett and former CFO Liyuan Woo, respectively.

bebe also announced reduction of 45 positions or 14.6 percent cut in headcount across the design, merchandising, production, information technology and support functions.

As a result of this restructuring, the company expects one-time severance charge of approximately $3.7 million in the third quarter and annualized pre-tax cost savings of approximately $6.0 million.