Bed, Bath, and Bankruptcy: How Virtue Signaling about MyPillow Killed a Company

[Aerovette]

In looking at their stock history, there's really no connection between the MyPillow thing and their stock value.

[Bill]

[Bill]

https://www.thegatewaypundit.com/202...ing-87-stores/

REPORT: Struggling Bed Bath & Beyond Closing 87 More Stores
By Mike LaChance
Published February 1, 2023 at 7:30am


Bed Bath & Beyond is becoming a symbol of the saying ‘get woke and go broke.’

The chain of home furnishing stores has been struggling financially ever since they decided to stop carrying MyPillow products over the politics of the company’s founder, Mike Lindell.

Now they are going to close another 87 stores.

The Hill reports:


Bed Bath & Beyond announces 87 more store closures

Bed Bath & Beyond told Nexstar Monday that it will be closing 87 additional stores, an announcement that comes days after the beleaguered home goods chain said it had defaulted on its loans.

The company also plans to close five buybuy BABY stores as well as all of its Harmon beauty locations.

Bed Bath & Beyond said the closures are being done to increase efficiency as the company works with advisors to “consider multiple paths” as the retailer tries to turn the business around.

“This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores,” a spokesperson told Nexstar. “We will update all stakeholders on our plans as they develop and finalize.”

Impacted store locations were not immediately available Monday.

Last Thursday, Bed Bath & Beyond said in a Securities and Exchange Commission filing that it had defaulted on its loans, which may force it to consider restructuring its debt in bankruptcy court.

The filing included some of the other strategies Bed Bath & Beyond is employing to improve its financial position, such as lowering costs, trimming capital expenditures, trying to rework rental deals with landlords and reducing the footprint of its stores, as well as the caveat that “these measures may not be successful.”

They made a big mistake.

They lost my business when they went WOKE. I spent a lot there annually. Big mistake to cancel Mike Lindell…. Big Mistake.

Exclusive: Bed Bath & Beyond preparing to file bankruptcy as soon as this week | Reuters https://t.co/ExBscnButP

— Juanita Broaddrick (@atensnut) January 31, 2023

Imagine if Mike Lindell bought the company.

Wait til @realMikeLindell buys @BedBathBeyond

— Jack Posobiec 🇺🇸 (@JackPosobiec) January 26, 2023

That would be a very funny ending to this story.

[Bill]

https://www.breitbart.com/economy/20...0-more-stores/

Answering the question, which falls faster, a pillow, or the company that refused to sell it.....

NEW YORK (AP) — Bed Bath & Beyond said Tuesday it will be shuttering 150 more stores as the beleaguered home goods chain cuts costs as it works to stay afloat.

The announcement came after the company based in Union, New Jersey, said it had raised about $1 billion through offerings of preferred stock and warrants to purchase the company’s common stock. The funds will be used to pay off its debt, it said.

The company’s volatile stock, which rose 92% on Monday, fell 47% on Tuesday, ending the day at $3.01, down 82% over the past year.

In early January, Bed Bath & Beyond warned that it may need to file for bankruptcy. A few weeks later, it said it was in default on its loans and didn’t have sufficient funds to repay what it owes.

The latest store closures come as the chain has been reducing its footprint dramatically over the past year. According to a regulatory filing, it will have shuttered more than 400 stores, nearly half of its fleet. That includes the remaining 50 standalone Harmon Face Value Stores, which sells beauty and household products. The company said it anticipates keeping 360 of its namesake stores in addition to 120 BuyBuy Baby stores.

Bed Bath & Beyond also said in the filing that it expects sales at stores opened at least a year to be down anywhere from 30% to 40% during its first fiscal quarter, with “sequential quarterly improvement after that.”

[Anjdog2003]

Originally Posted by slewfoot

I have not seen Lindell on TV in quite some time

He's on T.V here every day and night

[Bill]

https://nypost.com/2023/04/23/bed-ba...long-struggle/

Bed Bath & Beyond files for bankruptcy protection after long struggle
By Ronny Reyes
April 23, 2023 6:57am Updated


Bed Bath & Beyond filed for bankruptcy Sunday after the home goods retailer failed to secure funds to stay afloat.

The retailer filed for Chapter 11 protection in New Jersey federal court, noting that its 360 Bed Bath & Beyond and 120 Buy Buy BABY stores and websites will remain open as it begins efforts to effect the closure of its retail locations.

“Thank you to all of our loyal customers,” the company said in a statement. “We have made the difficult decision to begin winding down our operations.”

The company added that customers will have Sunday, Monday and Tuesday to use their remaining 20%-off coupons at their stores.

Bed Bath officials said that the filing is meant “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”

The filing comes after Bed Bath & Beyond announced it was closing 87 more stores in 2023 after shuttering 150 last year in a failed bid to avoid bankruptcy.

The Union, New Jersey-based company listed both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing.

Bed Bath & Beyond said that it has received a commitment of approximately $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc, according to a separate statement.


In February, the embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy.

The company was able to raise $360 million from the complex deal helping it pay loan defaults and interest payments for senior notes, but Bed Bath terminated the deal in late March.


It then announced plans to sell $300 million worth of its shares while also once again warning it might have to file for bankruptcy if it could not secure the funds.

The home goods retailer – which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies – has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped.

Last year’s moves to abandon that strategy, and to bring in more national brands that shoppers recognize, had not shown signs of working, with the company reporting a loss of about $393 million after sales plunged 33% for the quarter ending Nov. 26.

In January, the company 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.

Retailers in distress often look to bankruptcy protection after the holiday season to take advantage of the cash cushion provided by recent sales.
What do you think? Post a comment.

In February, according to a court filing, Bed Bath & Beyond’s Canadian operations were going out of business. 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 said in March it was seeking shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10 and its board earlier in April urged shareholders to approve the split saying that if the plan fails, bankruptcy would be imminent.

I might go visit to pick the carcass, not really sure what I need. Certainly not going to buy any pillows or sheets from them.

YouTube

"Weird scenes, inside the linen aisle........"

[GTOguy]

Funny how the news article leaves out the real reason for the failure.

[Aerovette]

Originally Posted by GTOguy

Funny how the news article leaves out the real reason for the failure.

I believe their failure had ZERO to do with the MyPillow guy.

Having been a customer in the past, the introduction of cheap "As seen on TV" Chinese crap. mixed in with over-priced linens, turned away BOTH demographics as opposed to attracting them. In my case the cheap shit made me rethink the quality of their more expensive items.

Add to that their HORRENDOUS customer service, single checkout lines, reduced business hours, and their failure was locked in.

[slewfoot]

Kohls will follow sooner or later. Their appliance center prices are off the charts.

[Aerovette]

Originally Posted by slewfoot

Kohls will follow sooner or later. Their appliance center prices are off the charts.

Your Kohl's sells appliances?

[Tikiman]

Originally Posted by aerovette

I believe their failure had ZERO to do with the MyPillow guy.

Having been a customer in the past, the introduction of cheap "As seen on TV" Chinese crap. mixed in with over-priced linens, turned away BOTH demographics as opposed to attracting them. In my case the cheap shit made me rethink the quality of their more expensive items.

Add to that their HORRENDOUS customer service, single checkout lines, reduced business hours, and their failure was locked in.

Not sure I'm buying that. After they ditched My Pillow, word around the golf course was that everybody was telling their wives to stay out of that store. And all these guys had wives that were regular customers. These are the same guys who forced the manager of the pro shop to replace all the shirts for sale with anything but Nike. Pro shop manager was lamenting that nobody was buying any golf shirts, despite him getting in all new designs. My buddy picked one up and pointed to the swoosh and said, "No one is going to buy this communist crap". We all agreed with him. Two weeks later, all the shirts had been replaced with ones made by Asics. No idea what the poor guy did with all the Nike shirts, because they had all been embroidered. Maybe he donated them to charity.

A week after that, the Coke cooler was being replaced with a Pepsi cooler. I was there when the guy was making the swap and he told me that he was working overtime because so many people were ditching Coke.

[TheRealBadger]

Originally Posted by aerovette

I believe their failure had ZERO to do with the MyPillow guy.

Having been a customer in the past, the introduction of cheap "As seen on TV" Chinese crap. mixed in with over-priced linens, turned away BOTH demographics as opposed to attracting them. In my case the cheap shit made me rethink the quality of their more expensive items.

Add to that their HORRENDOUS customer service, single checkout lines, reduced business hours, and their failure was locked in.

This. 100%

[Onebadcad]

Did they sell AB InBev products??

[Onebadcad]

Originally Posted by aerovette

I believe their failure had ZERO to do with the MyPillow guy.

Having been a customer in the past, the introduction of cheap "As seen on TV" Chinese crap. mixed in with over-priced linens, turned away BOTH demographics as opposed to attracting them. In my case the cheap shit made me rethink the quality of their more expensive items.

Add to that their HORRENDOUS customer service, single checkout lines, reduced business hours, and their failure was locked in.

Originally Posted by TheRealBadger

This. 100%

Willing to bet amazon took away a lot of their business.

Very hard for retailers with brick and mortar to complete against the on-line giants, as labor costs are probably 50% higher than 3-4 years ago, when also including benefits.

Aside from hygiene items, I do not visit many, as takes time, no service in store, and checking out is always painful and long.

Only reason I hit Costco is the wife drags me there, BUT I do always want to see what is behind the glass at the liquor store.

[erickpl]

If you think MyPillow is the only reason BBB went bankrupt, you haven't been there in a while.

Overpriced EVERYTHING... and that which isn't overpriced is usually junk. They stopped selling a lot of the better quality stuff some time ago (pre pandemic) as I think places like Amazon and other online sellers were kicking their sales numbers.