Posted on Apr 24, 2023
Bed Bath & the great Beyond: How the home-goods giant went bankrupt
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https://www.npr.org/2023/04/24/ [login to see] /bed-bath-the-great-beyond-how-the-home-goods-giant-went-bankrupt
A total of 10 shoppers meandered the vast and visibly sparse aisles of a Bed Bath & Beyond in Northern Virginia on a recent Sunday.
"Is it me or is it particularly cold in here?" one shopper asked another, pushing an empty cart past a wall of identical comforters. She scanned the bare cul-de-sac of home decor that displayed a few mirrors and a scuffed wall shelf. A fluorescent light buzzed and flickered overhead.
Once an unstoppable retailer — deemed a "category killer" for its triumph over many rivals — Bed Bath & Beyond has now filed for bankruptcy. It plans to begin closing its 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores. A vision of this chain's survival is bleak.
A total of 10 shoppers meandered the vast and visibly sparse aisles of a Bed Bath & Beyond in Northern Virginia on a recent Sunday.
"Is it me or is it particularly cold in here?" one shopper asked another, pushing an empty cart past a wall of identical comforters. She scanned the bare cul-de-sac of home decor that displayed a few mirrors and a scuffed wall shelf. A fluorescent light buzzed and flickered overhead.
Once an unstoppable retailer — deemed a "category killer" for its triumph over many rivals — Bed Bath & Beyond has now filed for bankruptcy. It plans to begin closing its 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores. A vision of this chain's survival is bleak.
Bed Bath & the great Beyond: How the home-goods giant went bankrupt
Posted from npr.org
Bankruptcy
Retail
Business
Posted 1 y ago
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@easier and cheaper to shop on line or not buy more of something you already own PO1 William "Chip" Nagel
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PO1 William "Chip" Nagel
..."In January, the chain defaulted on some of its loans shortly after warning it may go bankrupt. The company announced dozens more store closures and sought breaks on rent. For months, it exhausted numerous financial lifelines from banks and investors. Some landlords were reported to be readying new tenants. Its stock price drifted below $1, then below 50 cents.
Bed Bath & Beyond "is at a point where they can't really invest in anything to turn around their fortunes. But even when the company had funds to invest in turning around their fortunes, they didn't show an ability to do so," said David Silverman, who tracks retail at Fitch Ratings.
He pondered one big question Bed Bath & Beyond raised in its Sunday filing: Could the company sell itself in bankruptcy? Then, he answered it with another, even bigger one: Given all of its existential relapses, what exactly is this business actually worth?"
..."In January, the chain defaulted on some of its loans shortly after warning it may go bankrupt. The company announced dozens more store closures and sought breaks on rent. For months, it exhausted numerous financial lifelines from banks and investors. Some landlords were reported to be readying new tenants. Its stock price drifted below $1, then below 50 cents.
Bed Bath & Beyond "is at a point where they can't really invest in anything to turn around their fortunes. But even when the company had funds to invest in turning around their fortunes, they didn't show an ability to do so," said David Silverman, who tracks retail at Fitch Ratings.
He pondered one big question Bed Bath & Beyond raised in its Sunday filing: Could the company sell itself in bankruptcy? Then, he answered it with another, even bigger one: Given all of its existential relapses, what exactly is this business actually worth?"
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