Bed Bath & Beyond on the brink

January 9, 2023 Shopping

Bed Bath & Beyond has predicted its own demise, but for now our store is still going despite recent closures of 150 stores. I know it is always a ghost town in there, but it is still a big resource for me. I hope they find a way to hang on. (Thanks to A. for the mention.)

You can read the news in all the business rags, and the Journal has its own tipsters that say the company is poised to file bankruptcy. But I went to BB&B’s media page to find a very long business update that ended with this:

“The Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern.”

And they go on: “The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code. These measures may not be successful.”

The top of the release detailed the losses for the third quarter of 2022, which ended on Nov. 26:

  • Net Sales of approximately $1.259 billion compared to $1.878 billion in the year ago period
  • Net Loss of approximately $385.8 million compared to a Net Loss of $276.4 million in the year ago period

And this from the Journal: “Bed Bath & Beyond Inc. is preparing to file for bankruptcy within weeks after the home-goods retailer came up short on sales during the critical holiday season, according to people with knowledge of the matter. The retailer is in the early stages of planning for a chapter 11 bankruptcy filing and the discussions could extend into February, these people said.”

Thanks, Amazon.

 
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7 Comments

  1. Sam
    January 9, 2023 • 12:41 pm

    I’ve always wondered why they didn’t convert the local Bed Bath & Beyond to a Buy Buy Baby after the 2019 acquisition. It seems like it would do well given the makeup of the neighborhood, and has generally been the best performing part of BB&B.

    Reply
  2. Manhattan Mommie
    January 9, 2023 • 5:51 pm

    BB&B is an awful lot of store for a neighborhood with little foot traffic.

    Reply
  3. Vale
    January 12, 2023 • 1:47 pm

    I like BBB. I don’t like getting stuff from Amazon for so many reasons. Was disappointed but not surprised to read this in the WSJ a few weeks back. Big drawback is that it has limited inventory, but I do buy there if they have what I’m looking for. It’s always my first go-to and Amazon my last on the list.

    What it does have is convenience and if you’re a member a 20% off every purchase benefit. I’m glad they haven’t closed it just yet. Will be sad when/if they do.

    Reply
  4. Tribeca Grandmom
    January 12, 2023 • 6:45 pm

    With the closing of Century 21, I would think more people are turning to BBB for household items, sheets etc, I know I now spend more time there buying cooking utensils, table linens, glass wear, –items you need to see and hold. Too often certain stuff from Amazon just isn’t as good quality as the photos.

    Reply
  5. Alex
    February 9, 2023 • 12:07 pm

    I believe the Tribeca BB&B is closing in March.

    Reply

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