8/17/2023 0 Comments Bath bath and beyond store hoursAnd notwithstanding painstaking, creative, and exhaustive efforts to right the ship along the way, Bed Bath & Beyond is simply unable to service its funded debt obligations while simultaneously supplying sufficient inventory to its store locations,” according to the statement. “But, in-store sales continued to decline - with fourth quarter sales falling by almost $1 billion dollars year over year - and strained vendor credit relationships which led to a lack of inventory. “Defying all expectations over the past four months, Bed Bath & Beyond secured credit agreement waivers and amendments and was able to access the equity markets in February and March in a last-ditch effort to avoid bankruptcy,” Etlin said in a sworn statement. The company’s chief financial officer, Holly Etlin, will serve as chief restructuring officer to manage the bankruptcy. “Bed Bath & Beyond has pulled off long shot transactions several times in the last six months, so nobody should think Bed Bath & Beyond will not be able to do so again,” the filing said. However, we have initiated a process to wind down operations.” “Our stores are open and serving customers. “We appreciate that our customers have trusted us through the most important milestones in their lives,” the company said in an email to shoppers. Bed Bath & Beyond expects all sales at the remaining brick-and-mortar stores to be completed and the properties vacated by June 30. The timing of the winddown will be swift, according to court documents. A year ago Bed Bath & Beyond was trading above $17 a share. Shares of the company fell as much as 40% to about 18 cents during Monday trading in New York. The company currently employs about 14,000 people in the US and Puerto Rico, and among its initial requests in bankruptcy is to pay about $76 million of employee wages and benefits. The shuttering of one of America’s most well-known home goods retailers will put the jobs of thousands of employees - and their retirement savings and severance pay - on the line. The filing will allow it to begin liquidating 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops immediately, though the company said it’s also searching for a buyer for some or all of its assets. So, what are we supposed to do? Mourn Bed Bath & Beyond, make the most of its current deals, or hold out hope? That's your call, but no matter how this sticky situation shakes out, we will always have a soft spot for the bed, the bath, and, of course, the beyond.The Union, New Jersey-based company filed for Chapter 11 bankruptcy on Sunday, a move that came months after saying it was weighing options to restructure debt, with “substantial doubt” about its ability to keep operating. (While the retailer often has ridiculously good discounts, these too-good-to-be-true sales feel worthy of a store-wide clearance.) In fact, a quick scan of the site shows dramatic discounts such as $100 off Dyson vacuums, 20 percent off Breville's appliances, and $20 finds. Okay, enough with the business mumbo-jumbo, what does this mean for you? Simply put, your days shopping at Bed Bath & Beyond might be numbered. As Bed Bath & Beyond begins to file for bankruptcy, a regulatory filing CNN procured says there is "substanial doubt" of the company's ability to survive these retail woes. To make matters worse, the Wall Street Journalreported that Bed Bath & Beyond's stock closed down 30 percent Thursday, January 5-its lowest share in decades. In August 2022, the retailer revealed its plans to lay off 20 percent of its employees and close approximately 150 of its stores. Not only did Bed Bath & Beyond struggle to transition their store to the digital world, but CNN also claims the store was "hit hard" by the pandemic, losing 17 percent of its sales in 2020 and 14 percent in 2021. (The retailer has been around since 1971, and it seemed like it'd always provide unbeatable home discounts and those signature Big Blue Coupons.) But, as the numbers suggests, business has been.well, a little rocky. For some loyal customers, this news might come as a total surprise-not to mention a less-than-awesome way to start 2023. Attention shoppers: After 52 years in business, Bed Bath & Beyond may be on the brink of shutting its doors for good.
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