US women’s wear retailer Bebe Stores intends to voluntarily deregister as a reporting company with the Securities and Exchange Commission (SEC).
The company yesterday (28 February) said it has filed a certification on Form 15 with the SEC under Section 12 of the Securities Exchange Act to terminate the registration of its common stock.
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The notification means Bebe’s obligation to file current and periodic reports under the Exchange Act has been suspended.
According to the retailer, the decision was based on numerous factors, including the “significant” cost savings of no longer filing periodic reports with the SEC, plus reductions in operational costs.
Late last year, Bebe ceased trading on the NASDAQ Stock Market and moved the listing of its common stock to OTCQB Market, which is operated by OTC Markets Group, a centralised electronic quotation service for over-the-counter securities.
Bebe to de-list from NASDAQ in cost saving move
Bebe added it will continue to trade on the OTCQB Market under the trading symbol BEBE.
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