Good Lifestyle

We have lost a good part of retail chains in the United States Since the start of the pandemic has been cocvid in 2020. Several retailers formerly popular, including imports from Pier 1, Modelll, Stein Mart and Lord & Taylor sports items have recently closed all their physical stores Across the country. And most of those who are still there also have trouble. In recent years, notable names in industry such as Walmart, CVS and Macy have regularly Closed Select Stores in various states. But now a popular retailer could go on the full stopping path. Read the rest to know why Bed Bath & Beyond says that he has "substantial doubt" that there can be in business.

Read this then: Big Lots has just announced "an accelerated number of closures" .

Various bed stores and beyond the United States have expressed its lights permanently in recent months. But it was not without warning: in a press release of August 31, Bed Bath & Beyond plans to close About 150 "lower production" locations. AE0FCC31AE342FD3A1346EBB1F342FCB

"We work quickly and with diligence to strengthen our liquidity and guarantee our path for the future," said Bath & Beyond Sue Gove said. There were a total of 768 baths and beyond the stores located throughout North America at the time.

The Bed Bath & Beyond Closures might, however, not do enough to provide the retailer with future security. In a New commercial update Released on January 5, the company revealed real concerns for its survival in an aggravation of the financial situation.

"The company has concluded that there is a substantial doubt about the company's ability to continue active," said Bed Bath & Beyond in a statement.

Neil Saunders , managing director of the GlobalData counseling company, said The New York Times This hope for Bed Bath & Beyond to stay in business is decreasing now. "Before Christmas, there was Just a glow of hope "He said." There was a view that, ok, it's going to be difficult, but maybe they were going to pass. Things have just worsened. "

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With his business update, Bed Bath & Beyond revealed his preliminary profits for the last quarter ending on November 26. According to the company, sales fell to only $ 1.3 billion, compared to $ 1.8 billion the previous year, "reflecting lower customer traffic". And the losses of Bed Bath & Beyond for the quarter should be around $ 385 million, up its losses of around 276 million dollars at the same time last year.

Consequently, Bed Bath & Beyond would be Prepare for a bankruptcy In the coming weeks, according to Wall Street's journal . The newspaper said that "people knowing the issue" revealed that the retailer was at the early stages of planning a bankruptcy file in Chapter 11.

As The New York Times Explains that the bankruptcy deposit could help the bath and beyond getting back on solid soil or forcing it to close completely. "What we have seen several times is that it ends up being an execution stay", " Michael Baker , a detail analyst at D.A. Davidson, told the newspaper. "Sometimes it works, but you often see an announcement of writing and having fewer stores, then it is followed by a complete liquidation."

When Better life Completed to Bed Bath & Beyond on his bankruptcy potential, a company spokesman said that he "does not comment on the speculation of this nature" and said that the company explored the options for its next steps. "We have worked with strategic advisers to assess all the ways to regain market share and improve liquidity, our declared priorities," they said in an email declaration.

Potential paths could include "the restructuring or refinancing of our debt, the search for additional debts or capital, the reduction or delay of business business activities and strategic initiatives or selling assets" said the spokesperson. However, "no determination was made at that time," they added.

In the update of the company, Gove also indicated that the company is working on a potential turnaround. "We have a clear vision of the future of the company. Today's announcement highlights the importance of having initiated a turnaround at the start of the third quarter and why we strengthened our management team to execute each Step with precision, "said the CEO in a declaration. "Our plan has two anchors: the first allows us to refocus the merchandise and the inventory, to function more effectively and to develop our digital and omni capacities, and the second focuses on the strengthening of our financial situation. Transforming an organization of Our size and our scale requires time, and we plan to come to come on our progress. "