Bed Bath & Beyond finally succumbed to what industry experts say was a long time coming. Now that the longtime brand for milestone shopping — college, marriage, babies — is on track to close forever, here’s what it means for consumers.
“This company has been in late-stage decline for a while,” said Ted Gavin, managing partner and founder of corporate restructuring firm Gavin/Solmonese. “The fact that it lasted as long as it did is the big surprise.”
The Union, N.J.-based retailer had tried to stave the inevitable for months. In early January, it posted a $393 million loss for the quarter ended Nov. 26, pushing its fiscal year-to-date losses to more than $1.1 billion. Over the next few weeks, the company said it didn’t have enough cash to repay loans. It also missed interest payments.
when it struck a $1 billion share-sale deal with hedge fund Hudson Bay Capital Management and other investors. But the plan fell apart last month when Bed Bath & Beyond disclosed that it expected comparable store sales to plunge 40 to 50 percent year-over-year in the fourth quarter. Now that the longtime brand for milestone shopping — college, marriage, babies — is on track to close forever, here’s what it means for consumers.
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