![]() Save better, send better: We'll tell you how and send money tips, advice delivered right to your inbox. In September, the company announced 63 of the 200 stores would close by the end of 2020. officials said 200 of its namesake stores were expected to close over the next two years, accounting for approximately 21% of its Bed Bath & Beyond stores. The New Jersey-based home goods retailer – which also operates buybuy Baby and Harmon Face Values – said the locations are currently going through store closing liquidation sales. More Bed Bath & Beyond stores are set to close.Īnother 43 will be shuttered by the end of February, Bed Bath & Beyond officials told USA TODAY Tuesday. As of Tuesday's close of $12.11, the shares are down about 17% year to date.Watch Video: Shopping: These retailers will either make it or break it in 2021 Buybuy Baby is also seeking new standout products and automatically enrolling parents with a baby registry in its loyalty program, she said.īed Bath's shares have been on a meme stock-fueled roller-coaster ride for months, rocketing up to $30.06 and falling to a low of $4.38 in the past year. In stores and online, Wu said it will demonstrate products, provide recommendations and build a community that parents can turn to for advice from pregnancy to early preschool years. "If you think about how parents used to rely on volumes of heavy books to learn about what to expect, we're here to help new parents who are digitally savvy and native and who rely on their smartphones for everyday living," she said. On the Buybuy Baby side, Wu said the baby goods chain wants to build on its brand and differentiate by becoming the go-to retailer and advisor for parents and families. She said it will also work with national brands to develop exclusive products and add more direct-to-consumer brands. It will discontinue three of its private-label brands − Haven, Wild Sage and Studio 3B − and significantly reduce the inventory of the others, she said. Now, Bed Bath will backpedal from that approach and bring back more of the name brands that people recognize, such as Calphalon, Cuisinart and Oxo, Sirhal said. Yet instead of drumming up more sales, some shoppers felt disoriented by the unfamiliar names showcased prominently in store displays and had trouble finding the national brands they wanted. To try to stand out from competitors, Bed Bath previously made an aggressive push into private-label products and launched nine exclusive brands since the spring of 2021. ![]() That includes 769 namesake stores, 135 Buybuy Baby stores and 51 stores under its Harmon or Face Values brands.īed Bath also said it is eliminating the jobs of chief operating officer and chief stores officer. As of late May, the company had 955 stores. Its store footprint will get about 16% smaller with the closures. It has expanded $1.13 billion asset-backed revolving credit facility, too.Įarlier in the day, it said in a filing that it will sell an undisclosed amount of shares.Īlong with the additional financing, it is slashing costs. It secured a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers including J.C. It said Wednesday it has a plan to cut costs and gain additional cash. It counts on those vendors to stock shelves and warehouses - especially during important seasons like back to college and the Christmas season.īed Bath has burned through cash, ending May with about $100 million compared with $1.1 billion a year earlier. One of Bed Bath's crucial moves was finding a way to pay the bills and stabilize relationships with suppliers leery of working with a faltering company. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
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