BEBE Surges On Declaration Of Dividend; Closure Of PH8 Chain

Shares of Bebe Stores Inc BEBE jumped after the company announced a one-time cash dividend. The company also reiterated its earnings guidance for the fourth quarter. The board of directors of the Brisbane, California-based company has declared a one-time cash dividend of $1 per share as it has received payment associated with securities held at UBS. BEBE will pay the dividend on July 30 to its shareholders as on record July 21. BEBE has also announcedits plans to close its unprofitable PH8 chain by the end of fiscal year 2011. While BEBE’s shares have gained 1.28% so far this year, they have fallen 5.80% over the past week. BEBE’s shares soared 9% to $6.90 at 10:16 am. Read more from Benzinga's Company news.