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☆ Bed Bath & Beyond files for bankruptcy protection
▼ + stars: | 2023-04-23 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Bed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour. Bed Bath has been hanging on by a thread ever since but has refused to go down without a fight. Days after the second stock offering was announced, Bed Bath said it had partnered with liquidator Hilco Global to boost its inventory levels. Soon, though, Bed Bath revealed in a securities filing that it didn't have enough cash to pay its debts and had defaulted on its credit line with JPMorgan. Under the reduced credit agreements, Bed Bath was on the hook for monthly interest payments.

☆ Bed Bath & Beyond gets $120 million merchandise lifeline as it faces bankruptcy threat
▼ + stars: | 2023-04-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Bed Bath & Beyond announced Wednesday it is working with Hilco Global to get merchandise back on its shelves in the company's latest effort to stay alive and avoid bankruptcy. Last week, the company reported preliminary results for its fiscal fourth quarter. The company noted negative operating losses have continued, although it noted it hasn't depleted its free cash flow. The company reported $2.05 billion in revenue for the fiscal fourth quarter of 2021. On March 30, Bed Bath announced another stock offering of $300 million and warned it would likely need to file for bankruptcy protection if it doesn't work out.

☆ Bed Bath & Beyond gets $120 million lifeline to help it stock near barren shelves
▼ + stars: | 2023-04-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Cash-starved Bed, Bath & Beyond, which is scrambling to avoid bankruptcy, announced a $120 million lifeline to help it stock near-empty shelves. One reason that the chain’s sales have fallen and losses have mounted is that the company doesn’t have the funds needed to buy inventory in order to stock shelves. The money comes from ReStore Capital, which will purchase up to $120 million of merchandise from Bed, Bath & Beyond’s suppliers in order to supplement stock at Bed Bath & Beyond and buybuy BABY. “This … solution can allow us to strengthen merchandise availability and better fulfill demand.”Shelves are seen empty inside of a closed Bed Bath and Beyond store on February 08, 2023 in Larkspur, California. Last week, the company disclosed in a filing plans to sell $300 million worth of its stock to raise much-needed cash.

☆ Bed Bath & Beyond set to complete a round of layoffs in New Jersey the day before a new state law takes effect that would mean millions more in severance for workers
▼ + stars: | 2023-03-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Bed Bath & Beyond is closing 43 stores, two warehouses, and one fulfillment center in New Jersey. New layoff rules go into effect on April 10 in the state, which could have cost the company millions. On the morning of Tuesday, January 10, Bed Bath & Beyond CEO Sue Gove offered a rosy update about the company's turnaround strategy during its third-quarter earnings call. Representatives for Bed Bath & Beyond did not respond to Insider's question about whether the law influenced the timing of its New Jersey closures. Unlike prior cuts in which as many as 12 weeks of severance pay were given, Bed Bath & Beyond workers in several states affected by this round of layoffs tell Insider they will receive nothing.

☆ CPSC doubles down on warning for Baby Trend stroller after toddler dies
▼ + stars: | 2023-02-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

On Thursday, the CPSC and Baby Trend warned consumers about a head or neck entrapment risk on the Sit N’ Stand Double and Ultra strollers (model numbers beginning with “SS76” or “SS66”). The joint notice came after the asphyxiation death of a 14-month-old whose neck became trapped between the canopy tube and the armrest of a Baby Trend Sit N’ Stand double stroller. The Sit N’ Stand strollers have been sold since 2009, and Baby Trend said over a million have been sold nationwide. They’re found at Baby Trend, Amazon, Bed Bath & Beyond, Walmart, Target, Kohl’s, and buybuy BABY. Consumers are encouraged to report incidents to the CPSC or to Baby Trend at 800-328-7363 or info@babytrend.com.

☆ Bed Bath & Beyond to wind down Canada operations
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

Feb 10 (Reuters) - Bed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed. Bed Bath & Beyond in January had raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures. As of Nov. 26, the Bed Bath & Beyond banner in Canada had total assets of about $427.4 million and total liabilities of about $342.8 million, the filing showed. Buybuy BABY Canada had assets worth $52.7 million and liabilities of about $86.9 million.

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☆ Bed Bath & Beyond used to have over 1,000 stores. Soon, it will have just 360.
▼ + stars: | 2023-02-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond plans to slim down to just 360 housewares stores nationwide. "We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations," CEO Sue Gove said in a statement. Bed Bath & Beyond did not immediately respond to Insider's request for comment. "Store closings, especially of this magnitude, are a symptom of a problem," Saunders said. "Suppliers are very nervous about Bed Bath & Beyond," Saunders said.

☆ Bed Bath & Beyond is closing 149 more stores. See the list
▼ + stars: | 2023-02-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Bed Bath & Beyond has revealed the locations of the 149 stores it’s closing. The new list of closures comes just a week after it announced it was shuttering 87 other stores. In total, the company is reducing the number of Bed Bath & Beyond stores from 760 to about 360, with the company keeping its most profitable stores open in key markets. Notably, this week’s list includes closures in 13 new states that weren’t included in last week’s store-closing list. These are the locations Bed Bath & Beyond plans to close in the coming weeks:

☆ Baby killed, another injured in strollers sold by major retailers, CPSC says
▼ + stars: | 2023-02-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A baby was killed and another was injured after they became entrapped in a popular Baby Trend stroller that's sold at retailers like Amazon , Walmart and Buybuy Baby, the Consumer Product Safety Commission announced Thursday. "Baby Trend and the CPSC agree that Sit N' Stand Double and Ultra strollers with detachable canopy are completely safe when used as intended and in accordance with the company's operating instructions," a company spokesperson said. The CPSC and Baby Trend are warning consumers to remove and separately store the canopy when it's not in use and ensure children are always fully secured in the stroller with its built-in five-point harness. Baby Trend is a global manufacturer of products for children that's been in business for more than 30 years, according to company news releases. The Alpha Group is an animation and pan-entertainment platform based in China that started as a toy company.

☆ Bed Bath & Beyond is closing 150 more stores
▼ + stars: | 2023-02-07 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Bed Bath & Beyond is closing 150 more stores — just a week after the struggling retailer announced the closure of 87 locations. Bed Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, according to Reuters. Company’s troublesFounded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. Many shoppers switched to those competitors as the novelty of Bed Bath & Beyond’s coupons faded. The company was also hit hard during the pandemic, closing stores temporarily during 2020 while rivals remained open.

☆ Bed Bath & Beyond Is Closing 87 More Stores: See the List
▼ + stars: | 2023-02-02 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. has disclosed the locations of stores it plans to close. The struggling home-goods retailer disclosed this week the 87 flagship locations it previously announced it would close. The list also included 48 locations of its Harmon chain of drugstores and five of its Buybuy Baby stores.

☆ Bed Bath & Beyond just missed another debt payment. See the full list of stores it will close, including Harmon and Buybuy Baby locations.
▼ + stars: | 2023-02-02 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +20 min

In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.

The firm loaned Bed Bath & Beyond $375 million last year. The chain has said it is closing 87 Bed Bath & Beyond stores and five buybuy BABY stores, in addition to 150 closures announced last year. Bed Bath & Beyond said last week it defaulted on a loan, bringing it closer to bankruptcy. Sources have also told Reuters that Bed Bath & Beyond is considering skipping debt payments due on Feb. 1, a typical move that distressed companies take to conserve cash. Bed Bath & Beyond reported a loss of about $393 million after sales plunged 33% for the quarter ending Nov. 26.

Bed Bath & Beyond Inc. said Friday it was closing an additional 87 of its flagship stores and its entire Harmon chain of drugstores, as the retailer struggles to find financial support to keep its operations funded. The latest closings are in addition to a plan announced in August to shut 150 lower-performing Bed Bath & Beyond locations, a spokeswoman said. The company said Friday it is also closing five of its Buybuy Baby stores. The company had about 50 Harmon stores as of February 2022.

☆ Bed Bath & Beyond's efforts to find buyer stalled - Bloomberg News
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Bed Bath & Beyond Inc's (BBBY.O) efforts to find a buyer ahead of a likely bankruptcy filing have stalled, Bloomberg News reported on Friday, citing people with knowledge of the matter. Bed Bath & Beyond did not immediately respond to a Reuters request for comment. The Union, New Jersey-based company earlier this month said it was considering a range of options, including declaring bankruptcy, after struggling with plunging sales and widening losses. Bed Bath & Beyond said on Thursday it received a loan default notice from JPMorgan Chase Bank N.A. The company will consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code, it said on Thursday.

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.

☆ Bed Bath beefs up legal team ahead of possible bankruptcy filing in New Jersey
▼ + stars: | 2023-01-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. Bed Bath also recently hired consulting firm AlixPartners as one of its advisors, replacing Berkeley Research Group, CNBC previously reported. Despite efforts to stave off landing in bankruptcy protection, a filing will likely occur in the weeks ahead, the people said. Earlier this month, Bed Bath warned of a looming bankruptcy as its turnaround plans failed to improve the business and its balance sheet deteriorated.

☆ Bed Bath & Beyond looks for buyers, lenders before potential bankruptcy - CNBC
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) has been in talks with prospective buyers and lenders as the struggling retailer tries to keep its business afloat ahead of a likely bankruptcy filing, CNBC reported on Wednesday. The home goods retailer's advisors are also looking for a loan of at least $100 million ahead of a potential bankruptcy filing which could occur in the coming weeks, the report said. Bed Bath & Beyond said in an emailed statement to Reuters that it does not "comment on speculation or specific relationships". Authentic Brands, owner of fashion labels including Forever 21 and Aeropostale, has also been looking at Bed Bath & Beyond, the report said. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.

☆ Investor Ryan Cohen builds Alibaba stake, pushes for more share buybacks
▼ + stars: | 2023-01-16 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

Jan 16 (Reuters) - Billionaire investor Ryan Cohen has built a stake in China's Alibaba Group (9988.HK) worth hundreds of millions of dollars and is pushing the e-commerce giant to increase and speed up share buybacks, people familiar with the matter said on Monday. In his communications, Cohen told Alibaba he thought the company could reach double-digit sales growth and nearly 20% free cashflow growth over the coming five years, according to the sources. Cohen felt the company's shares were undervalued at the time, according to the people, who declined to be identified because the investment is private. The people said that Cohen is eager to have a collaborative, long-term relationship with Alibaba and that he has praised management's capabilities. Over roughly the same period, Alibaba has steadily escalated its share buyback program.

The unraveling of Bed Bath & Beyond Inc. could unlock one of the company’s strongest businesses: the Buybuy Baby chain of stores selling strollers, cribs and other infant gear. Bed Bath, which is preparing for a bankruptcy filing, has been in discussions with private-equity firm Sycamore Partners and another suitor about a deal to sell the baby chain as part of its chapter 11 restructuring, according to people familiar with the matter. The New York Times earlier reported on the discussions.

☆ Bed Bath & Beyond in talks with Sycamore Partners for sale of assets - NYT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Bed Bath & Beyond said it does not "comment on speculation of this nature" and reiterated a previous statement that it was exploring multiple paths. Sycamore Partners declined to comment. Shares of Bed Bath & Beyond were down about 4% at $5.02 in morning trading amid weakness in the broader market. The Union, New Jersey-based company had earlier considered selling its buybuy Baby stores after shareholder pressure, but held off on hopes it could fetch a higher price later, Reuters reported. The company's buybuy Baby chain, which sells products for infants and toddlers, helped Bed Bath & Beyond obtain a loan worth $375 million last year.

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☆ Bed Bath & Beyond reports wider-than-expected loss as possible bankruptcy looms
▼ + stars: | 2023-01-10 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

A man is seen at a Bed Bath & Beyond store in New York, on Jan. 5, 2023. Bed Bath lost $393 million during the period, it said Tuesday, worse even than the $385.8 million quarterly loss it projected just last week and 42% larger than the loss it reported in the year-ago quarter. The quarterly losses include an approximately $100 million impairment charge, which the company said Tuesday was related to "certain store-level assets." Bed Bath's net losses have now exceeded $1.12 billion for the first nine months of the fiscal year. Namesake banner Bed Bath & Beyond's comparable sales dropped by 34% and Buybuy Baby's comparable sales declines were in the low-20% range.

☆ Here are Friday's biggest analyst calls of the day: Apple, Amazon, Uber, Nike, Boeing, Netflix & more
▼ + stars: | 2023-01-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Baird names Boeing a top 2023 pick Baird named Boeing as a top idea this year and says it sees a recovery in aerospace. UBS names Target a top pick in 2023 UBS says it sees Target as a market share gainer in 2023. Wells Fargo initiates Snowflake as overweight Wells said in its initiation of the stock that it's built to "weather the storm." Piper Sandler names Amazon a top 2023 pick Piper Sandler says it sees share gains and easing comps for the e-commerce giant. " Bank of America names Domino's a top 2023 pick The firm says Domino's is well positioned in a declining macroeconomic environment.

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