Bath Bath & Beyond closes dozens of additional places and liquidation inventories
The store recently announced that it could go to bankruptcy.
The hard retail lesson is that no store is immune to slowdowns in business, regardless of their size or success. The last months alone have been filled with notable examples of this, the shutter of All stores in the hometown of Sears - as it is emblematic parent company almost disappear - with imminent potential Party City bankruptcy . And now, Bed Bath & Beyond between another phase of his followed decline, because the detailing in difficulty says his dozens of additional stores and the liquidation inventories. Read the rest to see what could then come for the provider of hard house goods.
Read this then: Popular bookstores, including Barnes & Noble, are closing locations, from February 11 . AE0FCC31AE342FD3A1346EBB1F342FCB
Bed Bath & Beyond recently announced that he had "substantial doubt" about his future.
The past few years have not been easy for the bed bath and beyond. In 2020, the company announced that it would close 200 underperforming stores in the next two years in the midst of sales figures that will be born. But despite his narrowed footprint, the retailer still in difficulty announced that he would close another 150 "lower production" locations In a press release on August 31 of last year.
Since then, the retailer has openly expressed concerns that he may not be able to resist the storm and planned to file for a bankruptcy. "The company has concluded that there is a substantial doubt about the company's ability to continue as a continuation," said Bed Bath & Beyond in a Company update Released on January 5.
The announcement was considered a major blow for the The remaining prospects of the store . "Before Christmas, there was just a glimmer of hope," Neil Saunders , managing director of the GlobalData counseling company, said The New York Times . "There was a view that, ok, it will be difficult, but maybe they were going to pass. Things have just worsened."
The retailer has just published an enlarged list whose stores close and liquid for stocks.
Despite the best efforts in the store, it seems that he continues to close his outposts more. On January 10, Bed Bath & Beyond published an update list of more than 120 store closings, Addition of 62 new locations At 56, he initially distinguished in September, reports Axios. The changes will be affect 30 states , California at the top of the list with eight closures, the Florida losing six locations and Michigan by losing five.
Although no exact date of the final purchase date has been announced, certain stores in the update list said they were expecting to close in March, reports Axios. Some of the footbeding locations and beyond may have already closed, while others liquidate their stocks with deep discounts in their last weeks. However, many surviving stores that should close have ceased to accept coupons or treatment.
Better life Handed at Bed Bath & Beyond to comment on the store closings, but has not yet heard.
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The retailer continues to fight against the fall in sales.
The true image of the company's financial misfortunes has become more to the point when it published its quarterly results January 10, which includes the holiday shopping season. The figures painted a dark image, the retailer reporting a drastic drop of 33% of net sales compared to last year in parallel with an identical drop in online sales, reports Yahoo Finance. The company said its adjusted operating losses were $ 225 million, with only $ 153.1 million in cash on its balance sheet.
The retailer also seems to lose his vital flow of customers. The researchers of the pedestrian traffic analysis company placed. AI found a 26.5% drop in customers in December compared to the same month in 2021, Axios reports. He also noted that each month in 2022 experienced a drop in store buyers compared to the previous year.
Society says it is still trying to reduce costs and stay afloat.
Even in the face of a disastrous vision of its balance sheets, the management of the company always says that there is a chance to save what remains. During a call for results on January 10, Bed Bath & Beyond CEO Sue Gove said it could reduce business jobs to release money in addition to recently announced store closures.
"As we shared last week, we continue to work with advisers while we consider all the strategic alternatives to achieve our long-term goals," said Gove, according to Yahoo Finance. "We have a team, internally and external, with a proven experience helping companies successfully navigate to complex situations and to become stronger. Multiple paths are explored, and we determine our next steps on the basis of opportune. We are committed to updating all the stakeholders in our plans for their development and finalizing, in particular our employees and partners, who are the essential catalysts of our company and the cornerstones of our future. "
