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Search resuls for: "Consumer Reporters For Cnbc.Com."


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☆ Bed Bath & Beyond shares plummet after company warns of potential bankruptcy
  + stars: | 2023-01-05 | by ( Melissa Repko | Lillian Rizzo | Melissa Repko Is A Retail | ) www.nbcnews.com   time to read: +3 min
Bed Bath & Beyond warned Thursday it’s running out of cash and is considering bankruptcy. Shares of the company plummeted by 17% in premarket trading after Bed Bath issued the updates in a pair of financial filings. Among its challenges, Bed Bath said it is having trouble getting enough merchandise to fill its shelves and is drawing fewer customers to its stores and website. In recent quarters, Bed Bath has warned it’s been quickly burning through cash. So far, Bed Bath has not seen sales trends change.
☆ Target shares plunge after retailer reports profit decline
  + stars: | 2022-11-16 | by ( Melissa Repko | Melissa Repko Is A Retail | Consumer Reporters For Cnbc.Com. | ) www.nbcnews.com   time to read: +6 min
The company said Wednesday it now plans for a weaker holiday quarter. Target did not provide an outlook beyond the holiday quarter, but said it expects tough conditions to persist. So far this fiscal year, those losses have had a more than $400 million impact on Target’s operating margin. Comparable sales, which track Target sales online and at stores open at least 13 months, rose 2.7% over the year-ago period. Target will share more details about its cost-cutting plan at an annual investor day, which is scheduled for March.
☆ Kroger agrees to buy rival grocery company Albertsons for $24.6 billion
  + stars: | 2022-10-14 | by ( Melissa Repko | Melissa Repko Is A Retail | Consumer Reporters For Cnbc.Com. | ) www.nbcnews.com   time to read: +3 min
The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. The tie-up comes during a challenging time in the grocery industry. The grocery industry is highly fragmented. Albertsons’ share was about 5%. Consolidation in the grocery industry has not historically paid off in the form of higher profits, he said.
☆ Bed Bath & Beyond reports a 28% drop in sales as it presses ahead with its turnaround plan
  + stars: | 2022-09-29 | by ( Melissa Repko | Melissa Repko Is A Retail | Consumer Reporters For Cnbc.Com. | ) www.nbcnews.com   time to read: +3 min
Bed Bath & Beyond on Thursday said sales plunged by 28% in the fiscal second quarter, as the home goods retailer struggled to draw customers. It also announced cost-cutting measures, including layoffs and closing about 150 Bed Bath & Beyond stores. Bed Bath faces several significant challenges, including mounting debt, vacant leadership roles and tense relationships with vendors. In late August, Bed Bath got some relief by securing more than $500 million of new financing, including a $375 million loan. According to former company executives, Bed Bath has had strained relationships with suppliers — and could face a repeat of two Christmases ago, when it did not have several hot products from well-known national brands.
☆ Bed Bath & Beyond taps chief accounting officer as interim CFO
  + stars: | 2022-09-06 | by ( Melissa Repko | Melissa Repko Is A Retail | Consumer Reporters For Cnbc.Com. | ) www.nbcnews.com   time to read: +1 min
Bed Bath & Beyond has tapped its chief accounting officer as interim CFO after its former executive died on Friday. Laura Crossen is interim chief financial officer as of Monday, the company said in a regulatory filing. Shares of Bed Bath & Beyond were down by about 15% early Tuesday as investors weighed the struggling retailer’s path forward. It said last week that it would eliminate the jobs of chief operating officer and chief stores officer. Customers leave a Bed Bath & Beyond store in New York on Aug. 25.
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