The once high-flying company filed for bankruptcy protection on Sunday and said it had launched a liquidation sale after failing to secure funds to stay afloat. theSun theSundaily BedBathandBeyond USA business bankruptcy bedbathbeyond
Shoppers leaving a Bed Bath & Beyond store in Danvers, Massachusetts, on Monday, April 24, 2023. – ReuterspicShares of Bed Bath & Beyond Inc plunged about 25% on Monday after the home goods retailer’s long fight to save its business ended in bankruptcy.
Bed Bath & Beyond also plans to use Chapter 11 proceedings to seek outside buyers who could keep the business going or purchase discrete assets such as the company's 125 baby merchandise stores operated under the buybuy Baby brand. A botched merchandising strategy, lower spending by inflation-hit Americans and stiff competition from rivals such as TJX's TJ Maxx and Target Corp drove the business under as losses mounted and it ran out of cash.
But Bed Bath’s downfall is not viewed as a sign of weakness in the broader retail sector. Analysts said some companies, including Walmart Inc, Amazon.com Inc, Target and Williams-Sonoma Inc, stand to gain share and a marginal benefit to revenue.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AmBank jangka inflasi lebih tinggi, OPR naik 25 mata asas tahun iniKadar tersebut bagaimanapun masih dalam lingkungan unjuran Kementerian Kewangan dan Bank Negara Malaysia (BNM) antara 2.8 hingga 3.8 peratus.
Read more »
Toll-free goodie sidelines Sabah, Sarawak people, says Syed Saddiq | The Malaysian InsightHe says govt should’ve focused on another area, like airfare, for those beyond peninsula.
Read more »
Two more die in Kemaman crash, taking death toll to sixCHUKAI, April 25 ― Two more individuals involved in a crash at KM153 of Jalan Jerangau-Jabor in Cheneh near here yester afternoon have died, taking the total number of lives...
Read more »
Arsenal desperate to hold off City charge in title showdownTheir rivals have two matches in hand and have collected 25 points from the last 27 on offer.
Read more »
MetMalaysia: Parts of Sarawak to see more rainfall till end of weekKUCHING, April 25 ― More rainfall is expected in several parts of Sarawak until the end of this week, according to the weekly weather forecast by the Meteorological Department...
Read more »