It’s closing time for Bebe — at least, it is for its retail store operations.

The struggling apparel retailer said on Wednesday, June 7, that it has entered into a number of strategic real estate deals that will benefit the company two ways. In addition to shuttering its stores without having to file bankruptcy protection, the company’s brand name and web site will stay in operation — albeit through a new owner.

Bebe reached agreement with substantially all of its retail store landlords to terminate their existing leases. The cost to terminate the leases is estimated to be approximately $65 million.

The fashion retailer also signed an agreement to sell its distribution center in Benicia, California for approximately $22 million. Bebe expects to close the sale of the facility within the next 60 days. The retailer is also actively seeking a buyer for its…