First it was just a letter. Now it’s a letter and an advertisement.
Ryan Drexler, president of Consac LLC, first reached out to Manny Mashouf, founder and non-executive chairman of Bebe Stores Inc., last month seeking a meeting. In his first foray as an activist investor, Drexler is seeking a sale of the company or for it to be taken private to maximize shareholder value.
Now he’s reaching out again in a second letter dated Sept. 1, which WWD has obtained. According to Drexler, the copy of the letter was also placed as an advertisement in Monday’s issue of Las Vegas Business Press.
Mashouf holds a 53 percent stake in the company. He was the company’s chief executive officer, but was succeeded by Steve Birkhold. Birkhold in June resigned after just 17 months with the company. Jim Wiggett was named interim ceo.
Mashouf, chief financial officer Liyuan Woo and Wiggett, could not be reached for comment on Monday.
Drexler, who holds 2.7 million shares of Bebe for under a year, is also attacking Mashouf’s role as a paid board member who also is paid $47,000 a month in fees to his consulting firm, SKID Holdings LLC, for consulting services to Bebe’s board.
In a telephone interview, Drexler said he has met with Wiggett but still feels more can be done to maximize returns to shareholders.
Bebe reports fourth-quarter results on Thursday after the markets close.