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Christmas Story Gift Shop - The company, which has failed to fully account for the increase in online shopping, said store closing sales will begin Wednesday. As a customer, you have 10 free articles to give away every month. Everyone can read what you share. Bed Bath & Beyond successfully emerged from the 2008 recession.
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While competitors like Sharper Image and Linens 'n Things filed for bankruptcy, Bed Bath & Beyond actually expanded its business by acquiring another retailer. Her housewares stocked with towels and kitchen appliances—all discounted with the blue coupon—were the beacons that kept customers coming back. Now, as the U.S. economy faces another period of uncertainty, Bed Bath & Beyond is not growing, the result of an increasingly dysfunctional corporate structure and its inability to fully account for the surge in online shopping.
On Sunday, the 52-year-old retailer said it was seeking bankruptcy protection in the U.S. District Court for the District of New Jersey. It said it will begin the process of closing 360 Bed Bath & Beyond corporate stores and 120 Buy Baby locations on Wednesday and look to sell parts of its business.
In its Chapter 11 filing, the company said it expects to close all stores by June 30. It will stop accepting receipts on Wednesday when its store closing sale begins. Customers have until May 8 to use gift cards for the bath and beyond. The company did not specify when its app store will be shut down, saying only that customers can continue to use it "at this time."
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Thank you to all our loyal customers," the company said on its website. "We have made the difficult decision to begin scaling back our operations." To help finance its bankruptcy proceedings, Bed Bath & Beyond raised $240 million from investment firm Sixth Street Specialty Lending.
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The company's decline offers insight into the forces that shape the retail landscape after a disaster. For companies like Bed Bath & Beyond, whose financial woes have been covered up as consumers rush to spend their stimulus money, the financial worries of recent months reveal that weakness.
It will be even more important for retailers to adapt as shoppers cut back on discretionary spending. "We're going to see retail Darwinism" play out in 2023, said Michael Lasser, a retail analyst at UBS who has covered Bed Bath & Beyond for 16 years.
Recent years have been turbulent for retailers. In 2020, J.C. Penney, Neiman Marcus and J. Crew have all filed for bankruptcy. But in the past two years, retailers have taken advantage of American consumers' desire to spend. Now, as customers are more cautious about their purchases, more businesses will be at risk.
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The retail landscape was very different when Bed Bath & Beyond launched in 1971 to compete with department store furniture departments. The company's founders, Warren Eisenberg and Leonard Feinstein, opened the chain's first stores in New York and New Jersey. This project was originally called 'Bed'n Bath', the core of their narrow line of business.
Compared to a store like Macy's, the retailer previously promised a selection of bedding, towels, shower curtains and other home essentials. As their merchandise and store base expanded, the retailer was renamed Bed Bath & Beyond in 1987. It went public in 1992. That required creativity, former executives and employees said.
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Instead of television commercials, Bed Bath & Beyond relied on word-of-mouth advertising and large coupons delivered to millions of Americans' mailboxes. Countless shoppers have 20 percent off cards in their cars or junk drawers, a reminder to go to the dealership if they're thinking about, say,
a new bread. Bath & Beyond also had a decentralized store strategy that gave store managers more flexibility to order products that appealed to shoppers in their store. It was also early to use integrated digital technology in the stores. Educational videos will be played in front of displays of products such as SodaStreams or juicers, so shoppers will get a feel for how they can be used at home.
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It launched its website in 1999. In 2000, Bed Bath & Beyond had 311 stores. Ten years later it had 1,100. From 2002 to 2012, the company acquired Harmon Stores, Christmas Tree Stores, Buy Baby and Value Plus World Market. The brands have helped diversify the company into retail, but the moves have also diverted management's focus away from other key investments, such as its e-commerce business, according to Richard McMahon, who has held various executive titles at the company.
including the strategy. officer. more than 17 years before he left in 2015. "There wasn't a lot of focus on the natural business — Bed Bath & Beyond — and the evolution of that business in consumer behavior," Mr. McMahon. "The Internet is starting to become real, and consumer behavior is changing that way."
Competitors such as Amazon, Target and Walmart have invested in improving the online experience for shoppers, and Bed Bath & Beyond has seen its market share decline. Google search was also countered because the 20 percent discount was not rolled out online, leading customers to believe that retailers such as Amazon are offering better deals.
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Looking back," Mr. McMahon said, "we can invest better in growing the core business than some of these other acquisitions." In 2014, Bed Bath & Beyond entered the debt market for the first time by selling $1.5 billion in bonds for repurchase. Many retailers avoid taking on debt, aware of industry trends that can quickly turn a reasonable debt load into a heavy financial burden.
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Sir. Lasser, a UBS analyst, described the move as a "groundbreaking event" and wondered if it was an attempt to boost the company's share price to prevent investors from moving. If it was meant to be, it wasn't a long-term solution. In 2019, three of the activist investors - Legion Partners, Macellum Advisors and Ancora Advisors - won a battle with the retailer that gave the election of four new board members and finally the CEO they supported: Mark Tritton of Target , the first to come out
the company. Much of the workplace culture at Bed Bath & Beyond changed immediately. There were layoffs. Warehouse managers had little say in which products would be stocked in their warehouses. Sir. Tritton, who left the company last year, declined to comment on his tenure.
When disaster struck, Bed Bath & Beyond joined other retailers to address supply chain issues. But the company's decentralized system made things more difficult, and the e-commerce technology was more advanced than many of its biggest competitors. Revenue in 2020 is down to $2.6 billion, down 16 percent from 2019. What was once a manageable debt burden quickly became unsustainable.
As the company looked for ways to cut costs, it began remodeling the things people loved about Bed Bath & Beyond. In 2020, the retailer said it will bring back the return of trade-in coupons. She avoids national brands and prefers to make her own batch of private labels, which often have better margins.
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