11/13/2023 0 Comments Bed bath and byond![]() The closures and layoffs will save an estimated $250 million in the current fiscal year. It hasn’t been a great decade for the company, but the past couple of years have been particularly bad: After first-quarter sales decreased by 25 percent year over year in 2022, the company fired its CEO, Mark Tritton, who had helmed Bed Bath & Beyond since 2019. According to Patch, the Chelsea location re-signed a ten-year lease in 2020, but, as it noted, “it wouldn’t be the first time a New York City business shuttered shortly after resigning a lease.” Reuters reported at the time that 50 to 60 of its stores would close by February in the “first wave,” and CNBC noted that those closures would target “lower producing” stores. Our condolences go out to followers of the stores at 459 Gateway Drive, 850 Third Avenue in Brooklyn, and 72-15 25th Avenue in Queens. These closures come following the company’s September announcement that it would be shutting down 150 stores (including 2795 Richmond Avenue in Staten Island) and laying off 20 percent of its corporate and supply-chain workforce in an effort to turn around its finances. It’s safe - for now. However, the company is reportedly in talks to declare bankruptcy, so anything could happen. A new round of 87 closures was announced on January 30, including three locations in New York City (though none in Manhattan). Below, a breakdown of the turmoil:įirst and foremost: Is the iconic Bed Bath & Beyond on Sixth Avenue shutting down? Stores are shutting down, lawsuits are swirling, memes are stocking, and bankruptcy looms. All rights reserved.Photo: John Nacion/SOPA Images/LightRocket via Getty Imagesīed Bath & Beyond, the store where once upon a time every teenager bought their first set of extra-long dorm sheets, has been in the news a lot lately. The CNN Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Toys "R" Us, Linens 'n Things, Radio Shack and Pier 1 are just some of companies considered "zombies," where investment firms scoop up the recognizable assets for dirt-cheap prices and hope to revive them, usually online. If the Overstock bid is approved, Bed Bath & Beyond will join a list of collapsed retailers whose brands got a second lease of life - in a very different form. Neil Saunders, a retail analyst and managing director at GlobalData Retail, previously told CNN that the buybuyBaby business "is the one part of the operation that will probably attract interest from buyers." The buybuyBaby chain, which Bed Bath & Beyond owns, is being sold off in a separate sales process and is considered the most attractive part of the retailer's assets. Overstock didn't immediately return CNN's request for comment. Ten Twenty Four, a software company, also bid for the domain and will buy it if Overstock's deal falls through.Ī hearing is set for next Tuesday to finalize the purchase. Overstock's bid was the first and ultimately the most lucrative for Bed Bath & Beyond's assets, setting the minimum price (a.k.a. However, the deal won't keep its stores open, which are currently closing after Bed Bath & Beyond filed for bankruptcy in April. ![]() The retailer's name, intellectual property and digital assets were purchased by for $21.5 million, according to court documents released Thursday. NEW YORK - Bed Bath & Beyond will live on. The company closed dozens of locations in the last year, a number of them in the tri-state area. ![]()
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