LOL!
Posted on 02/07/2023 8:16:36 AM PST by Diana in Wisconsin
Bed Bath & Beyond is closing 150 more stores — just a week after the struggling retailer announced the closure of 87 locations.
The company's brick-and-mortar footprint has already shrunk dramatically, a regulatory filing showed late Monday, and the new closings mean it will have shuttered 400 stores in the past year — almost half the 950 or so stores it had open in February 2022.
That includes last week's announcement that it was also closing all 49 remaining Harmon Face Value stores, which sold cosmetics; plus 5 BuyBuy Baby locations. A list of the new store closures wasn't immediately available.
A turnaround doesn't look imminent: The embattled home goods chain forecasts first quarter sales to be down by 30% to 40% with "sequential, quarterly sales improvement thereafter" the filing said.
The company also said Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. If it can't complete the complex transaction, it would "likely file for bankruptcy protection." It also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.
The chain has said in recent weeks that it had defaulted on a loan and may not be able to remain in business, raising concerns about its future. Bed Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, according to Reuters.
Bed Bath and Beyond has been part of the meme stock phenomenon, with shares skyrocketing as much as 400% last year when activist investor and GameStop chairman Ryan Cohen took a stake and sought changes.
*SNIP*
(Excerpt) Read more at channel3000.com ...
The company was also hit hard during the pandemic, closing stores temporarily during 2020 while rivals remained open. The company lost 17% of its sales in 2020 and 14% in 2021.
Let’s Go, Brandon!
Best. Economy. Ever. EVER! *SMIRK*
“The state of the nation is...a dumpster fire!”
Bed Bath and Bankruptcy
Didn’t they stop selling My Pillow because of the CEO’s comments? Did Trump supporters boycott?
They shouldn’t have dumped Mike Lindell and Mypillow
They were on their way out long before Mike Lindell showed up.
I cannot imagine that average My Pillow buyer was worth more than $50 every two or three years.
I went in there this Christmas looking for some kitchen stuff. The place was a desert. And that was in one of the stores that is remaining open. LOL.
“Inflation is down under my watch, and we taught the Chinese a lesson. They’ll think twice before flying another spy balloon! I’m the man!”
Big Brother Biden and Little Sister Kamala. The best administration ever. No mean tweets.
/SARC
HA!!! Yeah that’s where they are headed
i cannot believe those crapola MyPillows had anything to do with this.
BB&B was pretty crappy before the pillow issues.
I guess I’ll have to go somewhere else to sniff candles....
Hope that Trump boycott was enjoyable.
Can anyone say “depression “?
What next? Sears closes? KMart? Is this 2008? ;)
So, SO glad I no longer have a multi-million dollar business to manage! Surviving during the ‘0bama Reign of Error’ was hard enough!
Bed, Bath, & Bewildered
Woke, Broke, and Bye
LOL!
What they really did wrong was miss the e-commerce that was happening all over. After that, they decided to try going private brand with the Harmon stuff. Who goes to BBBY for shampoo or lotion?
The one closest to me is still not on the list, FWLIW. At least per the list here:
https://www.businessinsider.com/bed-bath-and-beyond-store-closings-full-list-by-state-2023-1?op=1
Very good!
This chart describes the rise and fall of the BB&B executive Gustavo Arnal... including the "dead cat bounce" at the end.
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