Gregory Scott Leaves Bebe
Gregory Scott, chief executive officer of contemporary retailer Bebe Stores Inc., has left the company. The departure was announced Jan. 9 after the market had closed.
Scott’s duties will be assumed by Bebe founder Manny Mashouf, according to a company statement. Scott also resigned from the board of directors of the contemporary retailer, which operates 312 stores across North America. Bebe is headquartered in Brisbane, Calif.
Scott’s departure comes on the heels of bad news for Bebe. On Jan. 8, it reported its sales for its second fiscal quarter for 2009. Same-store sales decreased 20.1 percent for the quarter that ended Jan. 3, 2009. For the same quarter in the previous year, there was a decrease of 7.9 percent for Bebe.
According to retail analyst Adrienne Tennant, Bebe’s recent sales performance is a sign that the company has hit a rut. “Expectations are low for this company,” Tennant wrote in a Jan. 9 research note. “We do not see a return to positive comps until the company can create merchandise that better resonates with its core demographic.” Tennant works for Arlington, Va.–based Friedman, Billings, Ramsey & Co. Inc.
Scott joined Bebe as its chief executive in February 2004, and he had a long history in the company. From 1996 to 2000, he was president of merchandising at Bebe. From 2000 to early 2004, he was president of contemporary retailer Arden B, which is a division of Wet Seal Inc. —Andrew Asch
