![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Around 79% of Bed Bath & Beyond stores are within a 10 minute drive of a Walmart and 77% of stores have a Target within 10 minutes, Lasser said. Target, Walmart, Costco and other chains stand to benefit even more from Bed Bath & Beyond’s challenges and store closures. The company’s famous blue coupons also proved less effective as online shopping became more popular and customers could easily compare prices. ![]() They were too concerned around not trying to jeopardize the cash cow of stores,” said Michael Lasser, a retail analyst at UBS. “Bed Bath & Beyond was slow to change with the evolving environment. Last month, Bed Bath & Beyond also announced it will close 150 stores and secured $500 million in new financing to help pay suppliers and finance other expenses.Īnalysts say it may be too late for Bed Bath & Beyond to right itself and remain competitive with such larger retailers as Amazon “They want variety, they want value and they want coupons.” “Our customers are anxious to get back in our stores,” Gove said. The company has announced other strategies to try to win back shoppers, including a new rewards program, improved mobile app and new visual displays in stores. “Over the summer, we jump-started the rebalancing of our inventory away from owned brands and resolving the broken stock across our national brands,” Gove said Thursday. That strategy was successful at Target, but it turned off brand-loyal customers at Bed Bath & Beyond who wanted big-name brands. This is a reversal from a previous push, implemented under Tritton, to stock more of the retailer’s own brands. Sales dropped last quarter because Bed Bath & Beyond has been offering too much merchandise that customers don’t want and was out of stock on items in higher demand, according to the company.īed Bath & Beyond is adjusting its inventory by eliminating one-third of its own brands and adding well-known brands and new direct-to-consumer brands back into the mix. Gove replaced previous CEO Mark Tritton in June. “Our overall results are not acceptable nor demonstrative of our potential,” Sue Gove, the retailer’s interim CEO, said on an earnings call Thursday. or Canada.Christmas decorations sit on display for sale in a Costco warehouse on Monday, Aug. Stakeholders with questions can contact the Company's Claims Agent, Kroll LLC, at (833) 570-5355, or (646) 440-4806 if calling from outside the U.S. The Company's stores and websites remain open and continue serving customers as efforts to effectuate the closure of its retail locations continues.įollowing the Company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code, trading in the Company's common stock (Nasdaq: BBBY) was suspended at the opening of business on May 3, 2023.Īdditional information regarding the Company’s case is available at. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets. On April 23, 2023, Bed Bath & Beyond Inc., which includes the Bed Bath & Beyond and buybuy BABY concepts, filed voluntary petitions for relief under Chapter 11 of the U.S.
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