US women’s wear retailer Bebe Stores has notified the Nasdaq Stock Market of its intention to voluntarily de-list its common stock from the NASDAQ Capital Market next week.
In an announcement on Friday (8 December), the company said it intends to cease trading on the NASDAQ Stock Market on Monday (18 December), with the last day of trading scheduled for this Friday.
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Once de-listed, Bebe anticipates its stock will begin trading on the OTCQB Market, which is operated by OTC Markets Group, a centralised electronic quotation service for over-the-counter securities, on 18 December.
According to the company, the decision by the board of directors to move the listing of its common stock from Nasdaq to the OTCQB was driven by cost savings.
It intends to retain the trading symbol BEBE.
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Earlier this year, Global Brands Group Holding Limited (GBG) signed a deal to relaunch a newly-transformed e-commerce platform for Bebe Stores, two months after the retailer announced plans to shutter all of its brick-and-mortar stores.
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By GlobalDataGlobal Brands Group to relaunch Bebe e-commerce platform
