Bebe sees slowed sales in Q1; in hunt for CEO

Brisbane, Calif. -- Fashion retailer Bebe reported Wednesday that total sales for the first quarter fell 9.4% to $105.1 million. Same-store sales dropped 8.7%, missing expectations of a more moderate 6.8% decline.

The 250-store chain has officially launched a search for a new CEO, announcing on Wednesday it has retained Russell Reynolds Associates to lead the effort. Former CEO Gregory Scott resigned the post in January 2009, and founder Manny Mashouf has been serving in an interim capacity since that time.