Posted on 02/07/2023 8:16:36 AM PST by Diana in Wisconsin
Bed Bath & Beyond is closing 150 more stores — just a week after the struggling retailer announced the closure of 87 locations.
The company's brick-and-mortar footprint has already shrunk dramatically, a regulatory filing showed late Monday, and the new closings mean it will have shuttered 400 stores in the past year — almost half the 950 or so stores it had open in February 2022.
That includes last week's announcement that it was also closing all 49 remaining Harmon Face Value stores, which sold cosmetics; plus 5 BuyBuy Baby locations. A list of the new store closures wasn't immediately available.
A turnaround doesn't look imminent: The embattled home goods chain forecasts first quarter sales to be down by 30% to 40% with "sequential, quarterly sales improvement thereafter" the filing said.
The company also said Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. If it can't complete the complex transaction, it would "likely file for bankruptcy protection." It also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.
The chain has said in recent weeks that it had defaulted on a loan and may not be able to remain in business, raising concerns about its future. Bed Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, according to Reuters.
Bed Bath and Beyond has been part of the meme stock phenomenon, with shares skyrocketing as much as 400% last year when activist investor and GameStop chairman Ryan Cohen took a stake and sought changes.
*SNIP*
(Excerpt) Read more at channel3000.com ...
oh no where am i going to buy MyPillow?
You are correct. So few customers.
I can’t see how they can afford to pay their employees.
Don’t forget that one of the things that brought people there was the ability to buy My Pillow. They screwed that up!
While we may express perceived schadenfreude at a woke business in doldrums, it is clear that their failing is more a wider phenomenon of bricks and mortar places shuttering.
Keeping these huge stores open with inventory sitting there for display costs money.
And people will choose cheaper online shopping options.
That’s why bestbuy, bookstores etc are failing.
Bed Bath & Beyond Busted
When this mess of a government finally falls, one of the first things a new form of government will have to do is ban amazon.com.
.
Yes, that’s the REAL reason BB & B is / has failed. It had nothing to do with their canceling of Mike Lindell’s My Pillow products.
Another announcement before the circus. Surprised.
For MY money, it's all about what was done to Lindell. I know lots of people who have done the same and we all trade information about who gets on the list so we are all updated. Also-I like telling the store CEO's why they won't see me or my money any longer.
We have a few young men who adopted us. They are/were friends of our DNA sons, and over the years, they joke about my wife and I being their adopted parents.
One of those young men has been a sheriff’s deputy in a good size city for 25 years.
We have no B&B stores in our area and had 2 about 12 miles away. This “adopted” son advised us not to shop at one as it was right on a county line with other stores and not really protected.
So we never shopped there, and they closed that store just before Covid due to robberies.
This adopted son warned us to be alert if we went to the other store. We stopped going there and got on their blue sale mailing list. Rumors were/are that it will be closed soon.
Meanwhile we have Amazon to deliver and lately Costco has stepped up to that plate with 2 great options.
#1. Delivery in 2 hours (works great for our monthly grocery order. We order at about 10 am and get delivery by noonish.
#2. Free delivery and often discounts on bulky orders or ones that fit into a mailbox. Their prices often beat Amazon, and we get free delivery in a couple days.
maybe they should follow the legalization of marijuana in certain states and target a different demographic...
bed bath and bong...
I just got a My Pillow. Are they supposed to be lumpy?
mine was just shredded foam, and very lumpy.
i gave it to my dog. ;(
Rats! Per that list, they are not closing the store in Aiken County, SC. That store is lousy and overpriced. The employees have a bad attitude.
Do this and you won't feel the lumpiness when you lay down on the pillow. You will be able to moosh the pillow under your neck and shoulders to your liking and all will be fine.
Use a high-heat dryer on the pillow once a month and put in with a load of wash once every three months as per instructions.
I'm looking forward to getting the 2.0 version!
I went into BestBuy before Christmas to pick up some SATA III SSD drives on sale. Faster than Amazon because I was going to be in Idaho Falls on the sale date. For those most part, I order from Amazon and wait since it is a 100 mile round trip to Idaho Falls.
There are no good bookstores in Pocatello. Barnes and Noble is present in Idaho Falls. I've had a "membership" for years. It was a paying proposition in 2003. Now, the foreign language and computer science shelves carry less than 1% of what I have on my own home bookshelves. When I call that to the attention of the sales staff, they offer to "order it for me". No thanks. I can do that for myself at a lower price from Amazon and the goods are dropped on my doorstep instead of requiring a 100 mile round trip and a higher price.
In the 90s, the Kearny Mesa area of San Diego was full of small computer parts businesses. You could pick out a motherboard, CPU, RAM. The proprietor would stuff the board and do a POST on the bench to ensure it was a good install. Cut throat competition and excellent service. No longer. All of them are gone along with CompUSA and Fry's Electronics.
We had a couple good ham radio shops in San Diego. Gary Radio and Western Radio. Heathkit was in business too. Only Western Radio survives, but Ham Radio Outlet has an office. Nice...but 1000 miles away. All of my ham radio purchase come from online sales at Ham Radio Outlet or Gigaparts. The ham radio shops have dried up.
We heard that our Best Buy in west Knoxville is supposed to close in the next few months.
We have Cabela's and Sportsman's Warehouse and Big 5. There is enough overlap to completely cover "Dick's".
Right-What compamy was it with the ad ... “We sell amo... we’re not Dicks”...?
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