From 2002 until 2012, the company acquired Harmon Stores, Christmas Tree Shops, Buy Buy Baby and Cost Plus World Market. In 2000, Bed Bath & Beyond had 311 stores. Instructional videos would play in front of displays for items like SodaStreams or juicers, so shoppers would get a sense of how they could be used at home. It was also early to use integrated digital technology within its stores. Now, as shoppers are being more discerning about their purchases, more companies will be at risk. But in the past two years, retailers have benefited from U.S. The past several years have been tumultuous for retailers. “We are going to see the Darwinism of retail” play out in 2023, said Michael Lasser, a retail analyst at UBS who has covered Bed Bath & Beyond for 16 years. It will become even more crucial for retailers to adapt as shoppers cut back on discretionary spending. For companies like Bed Bath & Beyond, whose financial problems were masked as consumers rushed to spend their stimulus money, the economic concerns of the past few months are exposing those weaknesses. The company’s decline offers a glimpse into the forces shaping the post-pandemic retail landscape. To help fund its operations in bankruptcy, Bed Bath & Beyond has raised $240 million from the investment firm Sixth Street Specialty Lending. “We have made the difficult decision to begin winding down our operations.” “Thank you to all of our loyal customers,” the company said on its website. The company did not specify when its store apps would shut down, saying only that customers could continue using them “at this time.” Customers will have until May 8 to use Bed Bath & Beyond gift cards. It will stop accepting its coupons on Wednesday, when its store closing sales begin. In its Chapter 11 filing, the company said it expected all stores to close by June 30. It said it would start the process of closing the company’s 360 Bed Bath & Beyond stores and 120 Buy Buy Baby locations on Wednesday and seek to sell parts of its business. On Sunday, the 52-year-old retailer said it was filing for bankruptcy protection in United States Bankruptcy Court for the District of New Jersey. economy experiences another period of uncertainty, Bed Bath & Beyond is no longer on top, the result of an increasingly unwieldy corporate structure and its failure to fully reckon with the ascendance of online shopping. Its home-goods emporiums full of towels and kitchen aids - all available at a reduced price with that Big Blue coupon - were beacons that kept shoppers coming back. While competitors like Sharper Image and Linens ’n Things filed for bankruptcy, Bed Bath & Beyond actually expanded its business by acquiring other retailers. Bed Bath & Beyond came out of the 2008 downturn a winner.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |