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☆ I Trafficked $5 Million Worth of Cocaine Internationally
▼ + stars: | 2024-02-28 | by ( Dylan Brzezinski | Ju Shardlow | ) www.businessinsider.com time to read: +1 min

Pieter Tritton, a former cocaine smuggler, returns for a second interview with Business Insider about his experience trafficking drugs from South America to the United Kingdom. Tritton says he started selling cocaine in the illegal rave scene in the UK in the 2000s. The National Crime Agency estimates the UK cocaine market is worth $13.8 billion, or £11 billion, a year. In the year ending March 2023, over 92 metric tons of illegal drugs were seized by police and Border Force, the highest volume since 2003 to 2004. This story is available exclusively to Business Insider subscribers.

Persons: Pieter Tritton, Tritton, Garcia Moreno, El Organizations: Business, Crime Agency, Border Force Locations: South America, United Kingdom, Europe, Ecuador, Quito, Litoral Penitentiary, Guayaquil

☆ Former Drug Smugglers Share How Drug Trafficking Actually Works
▼ + stars: | 2024-02-05 | by ( Dylan Brzezinski | Ju Shardlow | ) www.businessinsider.com time to read: +1 min

Pieter Tritton, a former cocaine smuggler, speaks with Business Insider about trafficking cocaine from Ecuador to Europe through a cartel connection. Tritton was arrested in Ecuador and sentenced to 12 years in one of the world's most violent and corrupt prisons. David McMillan is a British Australian former drug smuggler. Shaun Attwood is a former drug smuggler who ran a successful ring trafficking MDMA pills in the US in the '90s. He speaks with BI about his experience with drug-dealing gangs and how the drug market works.

Persons: Pieter Tritton, Tritton, David McMillan, Adi Jaffe, Jaffe, Shaun Attwood, Attwood, Neil Woods, Woods, incapablestaircase.com Adi Jaffe, Neil Organizations: University of California Locations: Ecuador, Europe, British Australian, Southeast, Central Asia, Los Angeles, American

Bed Bath & Beyond, founded in 1971, has long been a go-to destination for home goods. Take a look at the rise and fall of the retailer loved by many shoppers. In September 2022, Bed Bath & Beyond announced it would be closing 150 stores and slashing 20% of its corporate positions in an effort to cut costs. Bed Bath & Beyond was once a leading home goods retailer, appealing to shoppers across the nation with its strategy of abundance. We took a closer look at Bed Bath & Beyond's rise from a small linen store in New Jersey to a major national retail chain filing for bankruptcy.

☆ Bed Bath & Beyond files for bankruptcy
▼ + stars: | 2023-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Chris Hammons unloads a bag of items she purchased at a Bed Bath & Beyond store in Dallas, Texas September 23, 2009. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion. Discount chains such as HomeGoods and TJ Maxx have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. And Bed Bath & Beyond is the latest retail chain to file for bankruptcy this year.

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☆ What happens to buybuy BABY with Bed Bath & Beyond planning to go out of business
▼ + stars: | 2023-04-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

CNN —America’s leading specialty baby products retailer will shutter its 120 stores, a consequence of parent company Bed Bath & Beyond’s bankruptcy filing on Sunday. “The buybuy BABY business is the one part of the operation that will probably attract interest from buyers,” Saunders said. Bed Bath & Beyond placed some hope in buybuy BABY while it struggled to survive. He joined Bed Bath & Beyond in 2019 from Target, where he was in charge of expanding its private label brands. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion.

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☆ Bed Bath & Beyond stiffed thousands of workers on severance pay
▼ + stars: | 2023-04-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Bed Bath & Beyond has been on bankruptcy watch and has been closing hundreds of stores since late 2022. Toys "R" Us and other chains that filed for bankruptcy have been criticized for failing to pay workers severance. There is no federal requirement for severance pay, although some collective bargaining agreements with unions cover severance agreements. At Bed Bath & Beyond, CEO Sue Gove is eligible for $7.1 million in severance pay and former Bed Bath & Beyond CEO Mark Tritton is suing the company for $6.8 million in unpaid severance. ‘This was our reward’Some Bed Bath & Beyond employees recently laid off in other states did not receive severance pay either, as first reported by Bloomberg.

☆ Nordstrom adds former Nike executive to board as activist battle continues
▼ + stars: | 2023-04-17 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Nordstrom on Monday said it has tapped former Nike operating chief Eric Sprunk to join its board, as the company faces pressure from an activist investor. Sprunk, who was Nike's COO from 2013 to 2020, will join the board immediately, the company said. In a news release, Nordstrom board member Brad Tilden highlighted Sprunk's "track record of driving e-commerce growth and large-scale transformations within a complex global business." Nordstrom did not say in the news release whether the board appointment was board of an agreement with Cohen. Net sales for the company's namesake banner decreased 2.4%, and net sales for its off-price banner, Nordstrom Rack, dropped 8.1% in the quarter versus the year-ago period.

☆ Bed Bath & Beyond's ousted CEO says he's not to blame for the company's failed turnaround and demands his $6.7 million severance
▼ + stars: | 2023-04-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Former Bed Bath & Beyond CEO Mark Tritton is suing the company, alleging non-payment of his severance agreement. Bed Bath & Beyond said Thursday it needs to raise up to $300 million in new funding to avoid bankruptcy. A representative for Bed Bath & Beyond told Insider the company does not comment on legal matters. One of Bed Bath & Beyond's biggest problems in 2019, the suit says, was its failure to have a serious private-label strategy and Tritton was specifically hired to give it one. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.

NEW YORK, March 31 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) was sued on Friday by Mark Tritton, who was ousted last June as chief executive of the troubled home goods retailer, in a complaint accusing the company of failing to honor his $6,765,000 severance agreement. In those discussions, Bed Bath & Beyond "conceded Tritton was (and is) entitled" to severance payments, under his agreement dated four days after he was replaced as chief executive, the complaint said. Bed Bath & Beyond did not immediately respond to requests for comment after business hours. Bed Bath & Beyond is closing hundreds of stores, and on Thursday announced plans to sell up to $300 million of stock. Shares of Bed Bath & Beyond closed down 16.6 cents at a record closing low of 42.7 cents on Friday.

☆ Nordstrom earnings top expectations, retailer says it's winding down Canada operations
▼ + stars: | 2023-03-02 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Nordstrom on Thursday reported lower sales and profits for the holiday quarter, although earnings topped Wall Street's expectations. For the new fiscal year, Nordstrom expects revenue to fall 4% to 6%, including a negative impact from Canadian store closures and a positive impact from a 53rd week. As of Jan. 28, the company said it had six Nordstrom stores and seven Nordstrom Rack stores in Canada. It expects to finish Canadian store closures in Canada by late June. Even before Nordstrom reported earnings, it cut its forecast and told investors that it had a rough holiday.

☆ How Bed Bath & Beyond ended up on the verge of bankruptcy
▼ + stars: | 2023-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Here’s how Bed Bath & Beyond, once a retailer pioneer, veered to the edge of bankruptcy and where it turns next. Brands coveted a spot on Bed Bath & Beyond’s shelves, knowing it would lead to big sales. Discount chains such as HomeGoods and TJ Maxx and have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. Otherwise, too much of Bed Bath & Beyond’s revenue will go toward repaying debt that it won’t be able to turn a profit.

☆ Bed Bath & Beyond's 4 key bets that became its biggest blunders
▼ + stars: | 2023-02-06 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond's spiral toward bankruptcy is the result of four big missteps, Bloomberg reports. But it also bet too big on private-label brands and initiated a too-ambitious stock buyback program. But its challenges began years ago, with four key decisions leading to its financial woes, company insiders told Bloomberg. Here are Bed Bath & Beyond's biggest missteps over the years:Missing out on the online shopping boomBed Bath & Beyond's success in brick-and-mortar retailing meant that it was slow to recognize the importance of e-commerce and invest in selling goods online. "Our customer has communicated clearly that national brands are a really important part of their shopping experience with us," Mara Sirhal, Bed Bath & Beyond's brand president, said during a financial-update call.

☆ Nordstrom Gets the Diamond-Hands Treatment
▼ + stars: | 2023-02-03 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Meme-stock whisperer Ryan Cohen has laid his diamond hands on Nordstrom . Can he bring more sheen to Nordstrom or will he cause investors to take another bath? The high-end department store’s stock surged on Friday after The Wall Street Journal reported that Mr. Cohen is amassing a sizable stake in the company. He wants to nudge Nordstrom to refresh the board—notably with a focus on replacing former Bed Bath & Beyond boss Mark Tritton , who chairs the compensation committee. He has chosen a pair of director candidates with experience in retail and e-commerce for potential nomination to Nordstrom’s board, according to the report.

☆ Activist Ryan Cohen Targets a Familiar Foe at Nordstrom
▼ + stars: | 2023-02-03 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Mark Tritton lost his job as chief executive of Bed Bath & Beyond Inc. after an activist investor challenged his leadership. Now, the same activist is trying to oust Mr. Tritton again—from his board seat at Nordstrom Inc.Ryan Cohen , the billionaire co-founder of pet retailer Chewy Inc., has amassed a large stake in Nordstrom and is agitating for cost cuts amid sluggish sales. Shares of Nordstrom surged Friday after The Wall Street Journal reported on the move Thursday evening.

☆ Billionaire Cohen builds stake in Nordstrom, urges board shakeup
▼ + stars: | 2023-02-03 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Cohen has privately called Tritton, a former chief executive of Bed Bath & Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath & Beyond is preparing to file for bankruptcy, Reuters reported this week. Investors cheered Cohen's reported involvement at Nordstrom by sending the stock price up 25% in after-hours trading on Thursday. The Wall Street Journal first reported Cohen's stake in Nordstrom. As possible replacements on the Nordstrom board, Cohen has identified executives with experience at retail and e-commerce companies, the people said.

☆ Investor Ryan Cohen takes stake in Nordstrom - WSJ
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The billionaire investor believes it is inappropriate for Tritton, who used to work at Nordstrom from 2009 to 2016, to be deciding compensation for Nordstrom family members who are executives at the company, as he used to work around them, according to WSJ. Cohen has previously traveled to Seattle, where Nordstrom is based, to meet with members of the family and learn more about the business, WSJ said. Both Cohen and Nordstrom did not immediately respond to Reuters requests for comment. The department store chain in September last year adopted a "poison pill" to prevent investors from amassing 10% or more of its shares, after Mexican department store chain Liverpool (LIVEPOLC1.MX) disclosed a 9.9% passive stake in Nordstrom. Cohen also had a 9.8% stake in Bed Bath & Beyond, which he sold in August, following a stunning rally in the stock.

☆ Nordstrom could use an activist, but Ryan Cohen might not be the right one
▼ + stars: | 2023-02-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +6 min

Activist investor Ryan Cohen is building a stake in the department store chain as he looks to shake up its board, people familiar with the matter told CNBC. Tritton had once worked at Nordstrom, and Cohen thinks this makes him "conflicted and unqualified" to serve, the Journal report said. JWN 1D mountain Nordstrom shares surged after a report says Ryan Cohen is building a stake in the department store chain. 'Begs for an activist' The department store business hasn't been an easy one as shoppers buy more goods online or look to avoid large malls. The analyst also recalled that El Puerto de Liverpool, a Mexico City-based department store operator, holds a 10% stake in Nordstrom.

☆ Jim Cramer's top 10 things to watch in the market Friday: Jobs way up, stocks down, tech tough
▼ + stars: | 2023-02-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Every penny gained in other tech stocks on the back of Meta Platforms ' (META) earnings surge this week needs to be given up. High growth, growth, no growth, declining growth ... which box are we in for each portfolio stock? Quarterly revenue beat. I say sell, sell, sell Nordstrom. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Nordstrom stock surges after report says activist investor Ryan Cohen bought a stake
▼ + stars: | 2023-02-03 | by ( Mike Calia | ) www.cnbc.com time to read: +2 min

Shares of Nordstrom surged Friday morning following news that activist investor and meme stock maven Ryan Cohen bought a stake in the high-end department store company. The Journal said Cohen is now one of Nordstrom's top five nonfamily shareholders. Cohen, who founded pet retail and health site Chewy , is considered a champion of the meme stock crowd. He also triggered a brief rally in Bed Bath & Beyond last year before he ultimately dumped out of the stock. Bed Bath is expected to file for bankruptcy protection any day now.

CNN —The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news, to about $2.56 a share. Bed Bath & Beyond could be forced to file for Chapter 11 bankruptcy reorganization due to its financial woes. Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. As of February 2022, Bed Bath & Beyond had 950 stores and 32,000 workers.

In this article BBBY Follow your favorite stocks CREATE FREE ACCOUNTA pedestrian walks by a Bed Bath and Beyond store in San Francisco, California. Justin Sullivan | Getty ImagesWhen Bed Bath & Beyond leaders speak to investors Tuesday morning, they won't simply report sales and earnings results. On Thursday, Bed Bath warned it may have to file for bankruptcy, saying it could soon be unable to cover costs as sales lag and store traffic dwindles. If Bed Bath has made significant inroads in improving inventory, it could offer a glimmer of hope for the quarters ahead. Before Bed Bath can address moving product off shelves, though, it needs to tackle an even more fundamental problem: having enough merchandise to fill them.

☆ Nearly half of Bed Bath and Beyond's products are out of stock as the retailer nears bankruptcy
▼ + stars: | 2023-01-06 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond had 53% of inventory available for customers in December 2022, per DataWave. For context, in January 2022, the company's inventory availability rate was 77%. That's much lower than the company's competitors like Kohl's and Lowe's, whose December 2022 inventory availability rates were 61% and 72%, respectively. "During the quarter, inventory levels were negatively impacted by reduced credit limits for Bed Bath," Raymond James analyst Bobby Griffin wrote in a note Thursday. Categories worse off for Bed Bath and Beyond in December 2022 were kitchen and lighting, which both had a mere 39% inventory availability rate.

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.

☆ Bed Bath & Beyond has ‘substantial doubt’ it can stay in business
▼ + stars: | 2023-01-05 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Bed Bath & Beyond’s future is looking increasingly dire. The retailer said that there is “substantial doubt about the company’s ability to continue” because of its deepening financial turmoil. In the filing, CEO Sue Grove said that the announcement “underscores the importance of having initiated a turnaround,” which the company revealed last August. She was tapped as the company’s permanent CEO last October following an interim stint. Former CEO Mark Tritton left the company in June 2022 for failing to turn around the company.

Since its founding in 1971, Bed Bath & Beyond has been a go-to destination for home goods. We took a look at the rise and decline of the iconic big-box retailer. In September 2022, Bed Bath & Beyond announced it would be closing 150 stores and slashing 20% of its corporate positions in an effort to cut costs. Bed Bath & Beyond was once a leading home goods retailer, appealing to shoppers across the nation with its strategy of abundance. We took a closer look at Bed Bath & Beyond's rise from a small linen store in New Jersey to a major national retail chain now on the brink of collapse.

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